Housing Wealth and Housing Decisions in Old Age: Sale and Reversion

Population ageing brings new challenges to long-term household economic decisions. In the event of old-age dependency, housing assets become a key self-insurance device. However, little empirical evidence has been reported regarding an individual"s expectations of having to use their housing wealth for such a purpose. This paper draws upon two complementary data sources to empirically examine: (1) the influence of housing assets on an individual"s willingness-to-sell (WTS) their dwelling for care purposes, and (2) the willingness to take out a reverse mortgage contract loan in the event of old-age dependency. The paper"s findings suggest that homeowners" WTS in old age is unaffected by their income or housing assets and is, rather, determined by socio-environmental housing characteristics and the individual"s health and personal needs. Conversely, the study finds that the uptake of home reversion loans is largely dependent on income or education, but not on a household"s housing assets.

HouSI: Heuristic for delimitation of housing submarkets and price homogeneous areas

This paper seeks to address the problem of the empirical identification of housing market segmentation,once we assume that submarkets exist. The typical difficulty in identifying housing submarkets when dealing with many locations is the vast number of potential solutions and, in such cases, the use of the Chow test for hedonic functions is not a practical solution. Here, we solve this problem by undertaking an identification process with a heuristic for spatially constrained clustering, the"Housing Submarket Identifier" (HouSI). The solution is applied to the housing market in the city of Barcelona (Spain), where we estimate a hedonic model for fifty thousand dwellings aggregated into ten groups. In order to determine the utility of the procedure we seek to verify whether the final solution provided by the heuristic is comparable with the division of the city into ten administrative districts.

Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom

During the first decade of this century, Spain experienced the most important economic and housing boom in its recent history. This situation led the lending industry to dramatically expand through the mortgage market. The high competition among lenders caused a dramatic lowering of credit standards. During this period, lenders operating in the Spanish mortgage market artificially inflated appraised home values in order to draw larger mortgages. By doing this, lenders gave financially constrained households access to mortgage credit. In this paper, we analyze this phenomenon for this first time. To do so, we resort to a unique dataset of matched mortgage-dwelling-borrower characteristics covering the period 2004–2010. Our data allow us to construct an unbiased measure of property’s over-appraisal, since transaction prices in our data also includes any potential side payment in the transactions. Our findings indicate that i) in Spain, appraised home values were inflated on average by around 30% with respect to transaction prices; ii) creditconstrained households were more likely to be involved in mortgages with inflated house values; and iii) a regional indicator of competition in the lending market suggests that inflated appraisal values were also more likely to appear in more competitive regional mortgage markets. Keywords: Housing demand, appraisal values, house prices, housing bubble, credit constraints, mortgage market. JEL Classification: R21, R31

Defining housing market areas using commuting and migration algorithms. Catalonia (Spain) as an applied case study

In the literature on housing market areas, different approaches can be found to defining them, for example, using travel-to-work areas and, more recently, making use of migration data. Here we propose a simple exercise to shed light on which approach performs better. Using regional data from Catalonia, Spain, we have computed housing market areas with both commuting data and migration data. In order to decide which procedure shows superior performance, we have looked at uniformity of prices within areas. The main finding is that commuting algorithms present more homogeneous areas in terms of housing prices.

Measuring Brand Equity and Analyzing Its Relationship with Key Marketing Mix Elements

The aim of this paper is to analyze the effect of price and advertising on brand equity. The dimensionality of brand equity is thoroughly examined, and the effect price, price deals, perceived advertising spending and advertising appeal have on the dimensions of brand equity are analyzed using multiple regression analysis as well as other supporting analyses. Price and advertising are found to be of great importance to brand equity. Arguably the most influential finding is the strong positive effect low prices – an integral brand element – have on the case company brand equity, even though a negative effect was hypothesized based on prior research. The results also support separating advertising appeal from perceived advertising spending, as well as linking service quality as part of the overall perceived quality in the context of service-intensive firms.

Physiological evaluation of heat stress in gestating sows under different housing systems in bedding and concrete floor

The purpose of this paper was to observe the use of bedding (wood shavings) in physiological variables that indicate thermal stress in gestating sows. The experiment was conducted in order to evaluate the effect of two types of floor (concrete and wood shavings). Worse microclimatic conditions were observed in bedding systems (P<0.05), with an increase in temperature and enthalpy of 1.14 ºC and 2.37 kJ.kg dry air-1, respectively. The floor temperature at the dirty area was higher in the bedding presence in comparison to its absence. In spite of the worse microclimatic conditions in the bedding, the rectal temperature did not differ significantly (P>0.05) but the skin surface temperature was higher in the bedding systems. The same occurred with the respiratory rates. The physical characteristics of the floor material influenced the rate of heat loss by conductance. Estimated values were 35.04 and 7.99 W m-2 for the conductive heat loss between the animal and floor for treatments with or without bedding, respectively. The use of bedding in sow rearing has a negative impact on microclimatic conditions, what implies in thermoregulatory damages.

Effective Message Design and Media Mix of Senior Mobile Phone in China

The present research focuses on the study of how to design message and select media in advertising to generate customer’s purchase intention towards senior mobile phone in China. The message design concentrates mainly on message framing and fear appeals study while the media selection method is only based on direct matching. For exploring the main research question, the study utilized qualitative methodology. The data collection consisted of a pre-interview questionnaire, interviews, and three sets of experiments. The experiments were designed to test the selected 18 participants’ responses toward different emotional appeals and message framings. The findings illustrate participants’ understanding of senior mobile phone and their media usage habits. Moreover, positive message framing and emotional appeals in advertising are more effective. Gender differences in responding to emotional appeals were explored as well.

The interaction of housing condition and acute immobilization stress on the elevated plus-maze behaviors of protein-malnourished rats

Protein malnutrition induces structural, neurochemical and functional alterations in the central nervous system, leading to behavioral alterations. In the present study, we used the elevated plus-maze (EPM) as a measure of anxiety to evaluate the interaction between acute immobilization and housing conditions on the behavior of malnourished rats. Pups (6 males and 2 females) were fed by Wistar lactating dams receiving a 6% (undernourished) or 16% (well-nourished) protein diet. After weaning, the animals continued to receive the same diets ad libitum until 49 days of age when they started to receive a regular lab chow diet. From weaning to the end of the tests on day 70, the animals were housed under two different conditions, i.e., individual or in groups of three. On the 69th day, half of the animals were submitted to immobilization for 2 h, while the other half were undisturbed, and both groups were tested 24 h later for 5 min in the EPM. Independent of other factors, protein malnutrition increased, while immobilization and social isolation per se decreased, EPM exploration. Analysis of the interaction of diet vs immobilization vs housing conditions showed that the increased EPM exploration presented by the malnourished group was reversed by acute immobilization in animals reared in groups but not in animals reared individually. The interaction between immobilization and housing conditions suggests that living for a long time in social isolation is sufficiently stressful to reduce the responses to another anxiogenic procedure (immobilization), while living in groups prompts the animals to react to acute stress. Thus, it is suggested that housing condition can modulate the effects of an anxiogenic procedure on behavioral responses of malnourished rats in the EPM.

Rheological behavior of corn and soy mix as feed ingredients

Foods behave as non-Newtonian fluids, but little is known about how corn and soybean mix behave under viscometric flow. In order to characterize the rheological behavior of animal feed under viscometric flow, a 70:30 (mass:mass) mixture of ground corn and soybean grains was submitted to a capillary rheometer at 3 different temperatures (80, 120, and 160 °C), different moisture levels (26.5 ± 0.08; 30.4 ± 0.31, and 33.4 ± 0.05%), and 4 shear rates (30.4; 72.9; 304.3, and 728.6/second). Different strain rates and die dimensions were used to obtain the target shear rates. The resulting data were fitted to Power Law, Casson, and Bingham models. Based on experimental data, water content, mass temperature, and the effects of shear rate on the apparent shear viscosity of corn-soy mix were fitted to a single expression (p < 0.001, R² = 0.93): η = 18,769.7 (y)-0.86 e (-9.34 U + 935 T), where y is shear rate, U is sample moisture, and T is sample temperature in Kelvin scale. As expected, such mixture presented a pseudoplastic (shear-thinning) behavior.