Ad valorem housing subsidies may reduce house building

In this paper it is shown that an ad valorem housing subsidy set by a central regulator (or a raise in the ad valorem housing subsidy rate) may reduce the number of houses built in the market and increase the price paid by the buyers of houses. The analysis considers a situation where there is imperfect competition in the housing market and a local regulator that decides on density, or on the number of sites for housing development, and that cares about a combination of the profits of housing developers and the surplus of buyers of houses.

Annual report 2003 - North Pacific Marine Science Organization (PICES). Twelfth meeting, Seoul, Republic of Korea, October 9-18, 2003

Report of Opening Session (pdf 58 KB) Report of Governing Council Meeting (pdf 244 KB) Report of 2003 interim Governing Council meeting Tenth Anniversary PICES Organization Review Report of the Finance and Administration Committee (pdf 102 KB) 2002 Auditor's report to the Organization Review of PICES Publication Program Reports of Science Board and Committees: Science Board/Governing Council interim meeting (pdf 81 KB) Science Board (pdf 95 KB) Study Group on PICES Capacity Building Biological Oceanography Committee (pdf 65 KB) Advisory Panel on Micronekton sampling gear intercalibration experiment Advisory Panel on Marine birds and mammals Fishery Science Committee (pdf 41 KB) Working Group 16 on Climate change, shifts to fish production, and fisheries management Marine Environmental Quality Committee (pdf 76 KB) Working Group 15 on Ecology of Harmful Algal Blooms (HABs) in the North Pacific Physical Oceanography and Climate Committee (pdf 70 KB) Working Group 17 on Biogeochemical data integration and synthesis Advisory Panel on North Pacific Data Buoy Technical Committee on Data Exchange (pdf 32 KB) Implementation Panel on the CCCC Program (pdf 64 KB) Nemuro Experimental Planning Team (NEXT) BASS Task Team (pdf 35 KB) Advisory Panel on Iron Fertilization Experiment MODEL Task Team (pdf 29 KB) MONITOR Task Team (pdf 30KB) REX Task Team (pdf 25 KB) Documenting Scientific Sessions (pdf 164 KB) List of Participants (pdf 60 KB) List of Acronyms (pdf 21 KB)