Martins, Antonio Miguel; Serra, Ana Paula; Martins, Francisco Vitorino; Stevenson, Simon. (2020). House Price Dynamics and Bank Herding: European Empirical Evidence. Journal Of Real Estate Research, 42(3), 365 – 396.
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Abstract
This paper examines house price dynamics, bank herding behavior, and the linkages between them. The analysis presented indicates that prior to the financial crisis, non-fundamental factors played a significant role in several European countries, including the United Kingdom, Spain, Denmark, Sweden, and Ireland. We also provide evidence indicative of herding behavior in the residential mortgage loan market. Finally, Granger causality tests show that non-fundamentally justified price dynamics contributed to the herding displayed by lenders and that this behavior was a response by banks as a group to common information on residential property assets.
Keywords
Bubbles; Market; Behavior; Fundamentals; Constraints; Policy; Model; House Prices; Mortgages; Price Bubble; Herding Behavior
Zou, Tianqi; Aemmer, Zack; Mackenzie, Don; Laberteaux, Ken. (2022). A Framework for Estimating Commute Accessibility and Adoption of Ridehailing Services Under Functional Improvements from Vehicle Automation. Journal Of Transport Geography, 102.
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Abstract
This paper develops an analytical framework to estimate commute accessibility and adoption of various ridehailing service concepts across the US by synthesizing individual commute trips using national Longitudinal Employer-Household Dynamics Origin-Destination Employment Statistics (LODES) data. Focusing on potential improvements in cost and time that could be enabled by vehicle automation, we use this modeling framework to simulate a lower-price autonomous service (e.g., 50% or 75% lower) with variable wait times and implementation levels (solo, pooled, and first/last mile transit connections services, alone or in combination) to determine how they might affect adoption rates. These results are compared across metrics of accessibility and trip density, as well as socioeconomic factors such as household income. We find - unsurprisingly - that major cities (e.g. New York, Los Angeles, and Chicago) support the highest adoption rates for ridehailing services. Decreases in price tend to increase market share and accessibility. The effect of a decrease in price is more drastic for lower income groups. The proposed method for synthesizing trips using the LODES contributes to current travel demand forecasting methods and the proposed analytic framework can be flexibly implemented with any other mode choice model, extended to non-commute trips, or applied to different levels of geographic aggregation.
Keywords
Choice Of Transportation; Demand Forecasting; Poor People; Adoption; Price Cutting; Metropolis; Employment Statistics; Los Angeles (calif.); New York (state); Chicago (ill.); Accessibility; Autonomous Vehicles; New Mobility Services; Ridehailing; Travel Demand; Preferences
Though Transit Equity Day is just one day, the issue of equity on Seattle’s public transit is an ongoing and important conversation to Seattle and King County residents. Neighborhoods across the county have unequal access to transit lines; bus stops are often located in inconvenient or dangerous places due to oncoming traffic and lack of sidewalks; and bus schedules are irregular or sparse, with long wait times. These are just a few of the challenges folks might experience before getting…
Congratulations to Assistant Professor of Real Estate and CSDE Affiliate Arthur Acolin for being awarded a $10,000 Tier 2 seed grant for his project, “Accessory Dwelling Units as Potential Source of Affordable Housing Across Generations”. This grant is part of CSDE’s quarterly call for seed grant applications and is intended to help faculty initiate new research endeavors that have high relevance to population science and a strong chance of building towards extramural funding. Acolin will be conducting a joint project…
College is a time of exploration and discovery for all students. It is a time that often shapes how we view the world. Going through this transition during a moment of turbulence in the world can shape that experience significantly, which is exactly what happened for Assistant Professor of Real Estate, Arthur Acolin. As an undergraduate, international student in the US in 2008, the housing bubble and subsequent recession shaped Acolin’s future as a researcher and professor. “The subprime crisis…
The Pacific Northwest Transportation Consortium (PacTrans) announced in January 2021 the project proposals selected for funding. Qing Shen, Professor of Urban Design and Planning and Chair of the Interdisciplinary PhD Program in Urban Design and Planning is among those selected for project funding. Shen is working alongside Co-Principal Investigator Catherine (Casey) Gifford–Innovative Mobility Senior Planner–on the applied research project titled “Supplementing fixed-route transit with dynamic shared mobility services: a marginal cost comparison approach”. The project goal is to address a…
Climate change, smart cities, urban economics and the interaction between human behavior and built environment
The Urban Design & Planning Interdisciplinary Ph.D. at the University of Washington is one of 39 Ph.D. programs in urban and regional planning in North America, and one of the oldest, founded in 1967.
This program brings together faculty from disciplines ranging from Architecture to Sociology to focus on the interdisciplinary study of urban problems and interventions. Covering scales from neighborhoods to metropolitan areas, the program addresses interrelationships between the physical environment, the built environment, and the social, economic, and political institutions and processes that shape urban areas. The breadth of this program permits students to pursue doctoral studies in the various aspects of urban design and planning as well as in a number of related social science, natural resource, and engineering areas.
The Program seeks to prepare scholars who can advance the state of research, practice, and education related to the built environment and its relationship to society and nature in metropolitan regions throughout the world. The program provides a strong interdisciplinary educational experience that draws on the resources of the entire University, and on the laboratory provided by the Seattle metropolitan region and the Pacific Northwest. The program emphasizes the educational values of interdisciplinarity, intellectual leadership and integrity, and the social values of equity, democracy and sustainability. It seeks to promote deeper understanding of the ways in which public decisions shape and are shaped by the urban physical, social, economic, and natural environment. The program envisions its graduates becoming leaders in the international community of researchers, practitioners and educators who focus on improving the quality of life and environment in metropolitan regions.
Harris’ research hovers around critical urban theory and investigates the political, economic, ethical, and aesthetic dimensions of the urbanization process. An erstwhile civil engineer, he writes on complex and contradictory landscapes and infrastructure, such as South Lake Union, the Elliott Bay Seawall, and the Los Angeles River, but also about grassroots urban politics in our region and he translates critical theory and fiction that relates to the built environment from French and Spanish into English. This range of research corresponds, in part, to his wide variety of teaching experiences over the last decade in all of the CBE departments (except real estate), in the School of Urban Studies at UW-Tacoma, and especially in the Comparative History of Ideas (CHID) department on our campus.
The Energy and Sustainability in Construction (ESC) Lab promotes energy efficiency and sustainability (EES) in the built environment through the development of sustainable design, innovative project delivery practices, and risk-based financial models for EES investments. Our work focuses on integrating advanced financial analysis, project development, and management strategies to enhance the delivery of energy-efficient buildings and sustainable infrastructure.
Through innovative solutions, the ESC Lab addresses complex challenges in current project development practices that slow the transition toward a more sustainable society. Our research spans a wide range of critical areas, including commercial energy retrofits, community solar projects, green datacenters, healthy commercial buildings, and electric vehicle (EV) charging infrastructure. By tackling these pressing issues, the ESC Lab is at the forefront of driving transformative changes in the built environment.
Financial and Management Questions that Lead to Sustainable Solutions
The ESC Lab targets to help project stakeholders evaluate the risks and rewards of energy efficiency and sustainability (EES) investments by addressing some of the industry’s most pressing financial and management challenges, including:
- What policies, financing mechanisms, and project delivery systems best support the advancement of EES?
- How can we categorize and accurately model the unique risks associated with EES investments?
- What analytical modeling methods can be applied to ensure the effective implementation of EES measures in projects?
- How can we optimize investment strategies to balance environmental benefits with financial returns?
- What best practices can enhance stakeholder engagement and collaboration to drive successful EES project outcomes?
Pursuing Innovative Solutions to Energy Efficiency and Sustainability
The ESC Lab has developed a series of analytical models and evaluation practices that facilitate the effective delivery of energy-efficient commercial buildings and sustainable infrastructure, including:
- Cost and power demand model for electric vehicle (EV) charging infrastructure
- Conceptual cost and carbon estimating model for mass timber structure
- Energy-Related Risk Management in Integrated Project Delivery
- Phased Investment for Energy Retrofit (PIER)
- Energy Retrofit Loan Analysis Model (ERLAM)
- An optimized portfolio analysis for community-based photovoltaic investment
ESC Research Funders and Selected Projects:
- UW Clean Energy Institute: “Equitable Public Electric Vehicle Charging Infrastructure Expansion—From the Tribal Community Perspective”
- King County Metro–Sound Transit–Seattle City Light: “Electrified Mobility Hubs: A Blueprint for the Future of Transit Infrastructure”
- UW Global Innovation Fund: “Mitigating Effects of Future Pandemics with the Use of Risk-Responsive Building Codes: A Developing Country Framework”
- King County Metro: “Evaluation of a Public/Private Partnership (P3) Model for Bus Base Electrification”
- UW CBE INSPIRE Fund: “Investigating the Health Requirements and Risk-Responsiveness Criteria in Office Building Codes for Mitigating COVID-19 and Future Airborne Diseases”
- UW CBE INSPIRE Fund: “Investigating Energy Justice in Washington State in Terms of Photovoltaic (PV) Systems and Electric Vehicle (EV) Chargers”
- Google: “A Proposal to Grow a Greener Data Center with Google”
- UW Population Health: “Economic Impact of Office Workplace Transformation due to COVID-19: How Can Buildings and Surrounding Areas Recover?”
- UW Transportation: “UW Transportation Electrification and Solar Study”
- RERI–LBNL–DOE: “Effect of Energy Benchmarking and Disclosure on Office Building Marketability”
- Pankow–Skanska–Oregon DEQ: “Life Cycle Assessment (LCA) for Low Carbon Construction Commercial Office Building MEP & Interiors Data”
- BE Innovation: “Impact of Energy Benchmarking and Disclosure on the Performance of Office Buildings”
Selected Journal Publications:
- Min, Y. and Lee, H.W. (2024). “Adoption Inequalities and Causal Relationship between Residential Electric Vehicle Chargers and Heat Pumps.” ASCE Journal of Construction Engineering and Management, 04024025.
- Min, Y. and Lee, H.W. (2024). “Quantifying Clean Energy Justice: Impact of Solarize Programs on Rooftop Solar Disparities in the Pacific Northwest.” Sustainable Cities and Society, 105287.
- Shang, L., Dermisi, S., Choe, Y., Lee, H.W., and Min, Y. (2023). “Assessing the Office Building Marketability Before and After the Implementation of Energy Benchmarking and Disclosure Policies – Lessons Learned from Major US Cities.” Sustainability, 15(11), 8883.
- Min, Y. and Lee, H.W. (2023). “Characterization of Vulnerable Communities in Terms of the Benefits and Burdens of the Energy Transition in Pacific Northwest Cities.” Journal of Cleaner Production, 135949.
- Min, Y., Lee, H.W., and Hurvitz, P.M. (2023). “Clean Energy Justice: Different Adoption Characteristics of Underserved Communities in Rooftop Solar and Electric Vehicle Chargers in Seattle.” Energy Research and Social Science, 96(1), 102931.
- Su, S., Li, X., Zhu, C., Lu, Y., and Lee, H.W. (2021). “Dynamic Life Cycle Assessment: A Review of Research for Temporal Variations in Life Cycle Assessment Studies.” Environmental Engineering Science, 38(11).
- Droguett, B. X. R., Huang, M., Lee, H.W., Simonen, K., and Ditto, J. (2020). “Mechanical, Electrical, Plumbing and Tenant Improvements Over the Building Lifetime: Estimating Material Quantities and Embodied Carbon for Climate Change Mitigation.” Energy and Buildings, 226, 110324.
- Ho, C., Lee, H.W., and Gambatese, J. (2020). “Application of Prevention through Design (PtD) to Improve the Safety of Solar Installations on Small Buildings.” Safety Science, 125, 104633.
- Gomez Cunya, L.A., Fardhosseini, M.S., Lee, H.W., and Choi, K. (2020). “Analyzing Investments in Flood Protection Structures: A Real Options Approach.” International Journal of Disaster Risk Reduction, 43(2), 101377.
- Shang, L., Lee H.W., Dermisi, S., and Choe, Y., (2020). “Impact of Energy Benchmarking and Disclosure Policy on Office Buildings.” Journal of Cleaner Production, 250, 119500.
- Shakouri, M., Lee, H.W., and Kim, Y.-W. (2017). “A Probabilistic Portfolio-based Model for Financial Valuation of Community Solar.” Applied Energy, 191(1), 709-726.
- Shakouri, M. and Lee, H.W. (2016). “Mean-Variance Portfolio Analysis Data for Optimizing Community-based Photovoltaic Investment.” Data in Brief, 6(1), 840-842.\
Current and Former Lab Members:
- Abdul-Razak Alidu
- Byungju Jeon
- Chitika Vasudeva
- Yohan Min
- Matt Wiggins
- Novi T.I. Bramono
- Yong-Hyuk Oh
- Chuou Zhang
- Jonghyeob Kim
- Wenqi Zhu
- Julie Knorr
- Zhila Mohammady