Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets

By Edward B. Flowers; Thomas P. Chen et al. | Go to book overview
regression result from the northeast and northwest rays of the Baltimore study ( Dubin and Sung, 1987) in which most coefficients of the distance variable are insignificant. Those two rays are basically residential areas and have large parks.There are a variety of proxies for neighborhood attributes that are used in previous studies to measure neighborhood environment of housing. Theory suggests that people include neighborhood environment along with housing structure and accessibility in the decision making of purchasing a house. There are three groups of neighborhood proxies that are usually used in empirical studies: race, socioeconomic neighborhood proxies and public service neighborhood proxies. The set of neighborhood proxies used in this study is socioeconomic neighborhood proxies which include average level of education for household adults and density of population. It is surprising to find that in both areas neighborhood characteristics fail to show a significant effect on the price gradient. This result suggests that a household's preference for a house in Taiwan is quite different from that in the United States. The continual bull market with skyrocketing stock prices in the 1980s helped quite a few market players earn very handsome profits. The rezoning of agricultural zones to commercial zones in the 1980s also made many uneducated farmers overnight millionaires. This wave of income redistribution enabled many undereducated families to afford dwellings in desirable neighborhoods. In addition, Taiwan is such an extremely populous country that consumers don't have many choices regarding housing location. On the other hand, people in the United States have lots of choices in deciding housing location. There is no racial tension in Taiwan so that neighborhood environment is seldom a deciding factor of housing prices. These phenomena can explain why neighborhood characteristics show no significant difference among blocks and fail to affect price gradient significantly in both study areas of Taichung.
CONCLUSION
The overall regression results are satisfactory and consistent with our expectations. The only exception is the insignificant effect of neighborhood characteristics on housing prices. Most coefficients of distance variables show significant effects on housing prices except the coefficient in the third interval in the west side of the city. The following are possible topics for further research:
1. Regarding the knot point, we pre-specified the knot points according to realistic situations and personal judgments. Some pre-specified knot points turned out to be insignificant. A better approach would be using regression techniques to select significant yet unknown knots.
2. Regarding distance variables in each interval, using a quadratic or higher order polynomial functional form could better fit the relationship between distance and housing prices.
3. In a totally different direction, it would be interesting to look into Chinese culture and the Chinese traditional strong desire to own land or houses. Those cultural characteristics might help us better explain the housing market in Asian countries.
4. Are there any other variables besides typical neighborhood proxies that could be

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