No description available.

The first part of the dissertation examines the effects of rate regulation, compulsory insurance laws, the wealth of individuals, premiums, and claim costs on insurance affordability and insurance purchase as measured by the ratio of uninsured and underinsured motorist claims frequencies to property damage liability claim frequencies in the US personal auto insurance industry. Because regulations which are intended to let high-risk drivers purchase insurance may discourage low-risk drivers from purchasing insurance, the effect of the regulations should be examined from the perspective of both high-risk and low-risk drivers. Literature using only uninsured motorist claim data finds that the effect of rate regulation, compulsory insurance laws, and residual market is significant on insurance affordability from the perspective of high-risk drivers. However, this study using both uninsured and underinsured motorist claim data demonstrates that the effect is weaker or not significant in increasing insurance purchase in general. The second part of the dissertation tests the sustainability of the Korean reverse mortgage program, reflecting the house price indices in different regions. Literature generally uses aggregate house price indices and consequently underestimates the risks that result from more volatile individual house prices than averaged house prices. This paper predicts house price indices by region and finds that the Korean reverse mortgage program would have losses at 25th percentile or 30th percentile, in contrast to the results of the simulation using the nationwide house price index, which show that the Korean reverse mortgage program is sustainable at 95% confidence level. This paper also concludes that longevity risk is not a big concern in the reverse mortgage program as long as interest rates are low and house prices are high. However, longevity risk inflates the effect of high interest rates and low house prices on the reverse mortgage program. / Business Administration/Risk Management and Insurance

La France a comme beaucoup de pays de l’OCDE connu une très forte inflation immobilière ces quinze dernières années. La hausse des prix a été particulièrement prononcée dans l’aire urbaine de Marseille-Aix-en-Provence, mettant en relief les limites des catégories et des méthodes d’analyse des marchés immobiliers de l’économie standard. L’apriorisme et les hypothèses anthropologiques de cette dernière ne permettent pas de rendre compte des dynamiques spatio-temporelles des prix. En se fondant alternativement sur les travaux de Simiand et Halbwachs d'une part et sur ceux des néo-ricardiens et néo-marxistes d'autre part, on montre qu’il est plus approprié de recourir aux notions de rente et de valeur d’opinion pour comprendre les mécanismes de formation et de différenciation spatiale des prix. A partir de données désagrégées et localisées à échelle fine sur les transactions immobilières, on identifie alors différents modes de formation des prix qui permettent d’expliquer le paradoxe apparent entre la puissante homogénéisation spatiale des prix et la très grande permanence des hiérarchies spatiales héritées de la période antérieure à l’inflation immobilière que révèle l’analyse spatiale de la hausse. Cette identification des régimes de formation des prix met en valeur le rôle des dispositifs de marché qui, à toutes les échelles, permettent le fonctionnement du marché et garantissent socialement les prix. Ces dispositifs (discours et structures géographiques avant tout) confèrent à certains territoires un rôle assurantiel qui peut exacerber à terme les inégalités inhérentes au modèle d’accession à la propriété. / In the last fifteen years, real estate prices have steeply increased in France, as in other OECD countries. Price increases have been particularly strong in the urban area of Marseille-Aix en Provence, challenging conventional economic categories, analytical methods and interpretations of real estate markets. Apriorism and the anthropological assumptions lying at the core of orthodox economics cannot account for spatial-temporal price dynamics in the Marseille region. By drawing on the work of both Simiand and Halbwachs, and of neo-Ricardian and neo-Marxist economists, this dissertation develops a framework based on the notions of "economic rent" and "opinion value" that provides a better account of price formation and spatial differencing in real estate markets. Different modes of price formation are evidenced using spatially localized, highly disaggregated data of real estate sales: the spatial analysis of real estate inflation helps explain the apparent contradiction between an increased spatial homogeneity of prices and the preservation of pre-existing price hierarchies. Further analysis of price formation regimes highlights the importance of those market devices that allow the market to work and act as price guarantees of a social nature. Such devices (essentially geographical discourses and structures) provide a form of spatial insurance against price decreases that calls into question the legitimacy and sustainability of the 'home ownership for everyone' model.

[Truncated abstract] This thesis examines informational efficiency and price discovery processes within the Perth housing market for the period 1988-2000 by utilising a rich source of Western Australian Valuer General’s Office (VGO) data. Fama’s (1970) classification of market efficiency as potentially weak form, semi-strong, or strong form has been a dominant paradigm in tests of market efficiency in many asset markets. While there are some parallels, the results of tests in this thesis suggest there are also limitations in applying this paradigm to housing markets. The institutional structure of housing markets dictates that a deeper recognition of important housing market characteristics is required. Efficiency in housing markets is desirable in that if prices provide accurate signals for purchase or disposition of real estate assets this will facilitate the correct allocation of scarce financial resources for housing services. The theory of efficient markets suggests that it is desirable for information diffusion processes in a large aggregate housing market to facilitate price corrections. In an efficient housing market, these processes can be observed and will enable housing units to be exchanged with an absence of market failure in all price and location segments. Throughout this thesis there is an emphasis on disaggregation of the Perth housing market both by price and location criteria. Results indicate that the Perth housing market is characterised by varying levels of informational inefficiency in both price and location segments and there are some important pricing-size influences.

This thesis has the task to bring us to the issue of the valuation of the house loaded defect perimeter walls. The first chapter focuses on the theoretical information in the issue of property valuation. The second chapter deals with possible defects and faults of real estate. The third chapter is to approach the issue of property damage. The fourth chapter provides a survey of real estate and the last, fifth, chapter focuses on a case study of the valuation of the house with impaired peripheral walls and the suggestion of possible ways how to reduce the value of the property as a result of the defect.

The aim of this diploma thesis is to determine the amount of indemnity for damage caused by a lightning strike to a house in the village Šebetov. The thesis is dividend into theoretical and practical part. The theoretical part deals with the basic concepts, associated with the topic. Furthermore, the approach of valuation of assets and insurance. The practical part uses theoretical knowledge addresses a specific case. First, the location is described, house and insured event (natural event – flash). Following the calculation of the time value immediately before the insured event, further costs are quantified to repair the damage incurred and then is detected current value after repairs. At the end, there is comparison of the time price comparisons of costs incurred for repairs and evaluation of the agreed sum insured in the insurance contract.

The main objective is assessment to which extent the usual price of selected houses is affected by the location and type of structure. Further tasks are finding the cost price of houses according to the valid valuation regulations and finding approximate price comparison method according to the valid valuation regulations, including the price of land in a single functional unit. Another task is to create a database of offered prices of comparable objects through which is determined by a direct comparison of the market price of houses. In the final part of the thesis is a price comparison of observed houses.

This study proposes a performance comparison between machine learning regression algorithms and Artificial Neural Network (ANN). The regression algorithms used in this study are Multiple linear, Least Absolute Selection Operator (Lasso), Ridge, Random Forest. Moreover, this study attempts to analyse the correlation between variables to determine the most important factors that affect house prices in Malmö, Sweden. There are two datasets used in this study which called public and local. They contain house prices from Ames, Iowa, United States and Malmö, Sweden, respectively.The accuracy of the prediction is evaluated by checking the root square and root mean square error scores of the training model. The test is performed after applying the required pre-processing methods and splitting the data into two parts. However, one part will be used in the training and the other in the test phase. We have also presented a binning strategy that improved the accuracy of the models.This thesis attempts to show that Lasso gives the best score among other algorithms when using the public dataset in training. The correlation graphs show the variables' level of dependency. In addition, the empirical results show that crime, deposit, lending, and repo rates influence the house prices negatively. Where inflation, year, and unemployment rate impact the house prices positively.

Housing is both a durable good and an investment vehicle, which makes it importantin people’s daily life aswell as for a nation’s economy. This thesis innovatively applies the Sharpe ratio on evaluating the performance of the US residentialhousing market within the time period from 2005:Q1 to 2019:Q3, andinvestigates how this performance would react upon macroeconomic shocks,including sudden changes in GDP growth rate and personal income growthrate, by establishing a vector auto-regression model with the lag order of four.The main results are that: (1)in the long run, direct residential investments are not significantly more profitable than treasury bills but not disappointing compared to the market portfolio of Dow Jones Industrial Average; (2)the performance of residential investments seem to slightly and positively co-move withGDP and personal income growth rate; (3)the long-term impacts that sudden GDP and personal income growths have on the performance seem inconspicuous and tend to mitigate within about three years and (4) limited evidence supports the hypothesis that current housing market performance can help predictfuture GDP growth rate. Based on housing’s two purpose of consumption andinvestment and the empirical results showing that direct investments on residentialproperties have similar risk-adjusted return level to short-term treasurybills, I suggest that financially feasible households purchase their own houseinstead of renting for a long time, and that speculative investors avoid puttingmoney in residential properties unless they have access to inside information. / Bostäder kan betraktas både som en hållbar vara och som ett investeringsinstrument.De är essentiella för människors vardag och har en viktig roll förett lands ekonomi. Denna avhandling använder innovativt Sharpe-förhållandet för att utvärdera hur den amerikanska bostadsmarknaden presterade under perioden2005: kvartal 1 till 2019: kvartal 3. Den försöker även undersöka om denna prestation påverkas av makroekonomiska chocker inklusive plötsligaförändringar i BNP-tillväxttakt och personliga inkomsttillväxthastighet. Detta görs genom att upprätta en vektor autoregression modell med en fördröjningsordningför fyra. De viktigaste resultaten är att: (1) på långsikt är direktabostadsinvesteringar inte betydligt mer lönsamma än statsskuldväxlar dock är det hellre inte en besvikelse jämfört med en marknadsportföljen av Dow JonesIndustrial Average; (2) Prestationen av bostadsinvesteringar verkar vara svagt och samverkar positivit både med BNP och tillväxttakten för personinkomst.(3) De långsiktiga effekterna av plötsliga tillväxter av BNP och personliga inkomster har på utvecklingen verkar vara vaga och tenderar att mildra inomcirka tre år och (4) begränsade bevis stöder hypotesen om att nuvarande bostadsmarknadsresultat kan bidra till att förutsäga framtida BNP-tillväxttakten.Baserat på bostädernas två syften inom konsumtion och investeringar, visar deempiriska resultaten att direkta investeringar i bostadsfastigheter har en liknande riskjusterad avkastningsnivå som kortfristiga statsskuldväxla. Därför föreslår jag att ekonomisk stabila hushåll borde köpa ett eget hus istället för att hyraunder en lång tid, och att spekulativa investerare borde undvika att satsa pengar inom bostadsfastigheter såvida de inte har tillgång till insider-information.

No description available.