Monday, 27 April 2015

The world-wide growth in house prices

  • Since 1900 house prices in advanced economies have increased threefole. The overwhelming hare of this increase occurred  in the second half of the 20th century.
    Since 1900 house prices in advanced economies have increased threefole. The overwhelming hare of this increase occurred in the second half of the 20th century.
    house prices australia
    No price like home: Global house prices 1870-2012 – How have house prices evolved over the long‐run? This paper presents annual house prices for 14 advanced economies since 1870. Based on extensive data collection, we show that real house prices stayed constant from the 19th to the mid‐20th century, but rose strongly during the second half of the 20th century. Land prices, not replacement costs, are the key to understanding the trajectory of house prices. Rising land prices explain about 80 percent of the global house price boom that has taken place since World War II. Higher land values have pushed up wealth‐to‐income ratios in recent decades.
  • Nobody Said That – Imagine yourself as a regular commentator on public affairs — maybe a paid pundit, maybe an supposed expert in some area, maybe just an opinionated billionaire. You weigh in on a major policy initiative that’s about to happen, making strong predictions of disaster. … But nothing you predicted actually comes to pass. What do you do? You might admit that you were wrong, and try to figure out why. But almost nobody does that; we live in an age of unacknowledged error. … Refusing to accept responsibility for past errors is a serious character flaw in one’s private life. It rises to the level of real wrongdoing when policies that affect millions of lives are at stake.
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  • Can we predict happiness? – What makes us happy? Well-being researchers have identified many variables related to happiness, but we still don’t know exactly how the events of our daily lives combine to influence how we feel from moment to moment. People should get happier when good things happen, but clearly this is not the whole story. We designed a study to investigate the relationship between rewards and happiness. We brought people into the lab and asked them repeatedly about their happiness as they chose between safe and risky monetary options. Risky choices were gambles with equal probabilities (like a coin toss) of a better or worse outcome. If they chose to gamble on a given trial, they then found out whether they won or lost. Based on the data, we developed a mathematical equation to predict how self-reported happiness depends on past events. We found that happiness depends not on how well things are going, but whether things are going better or worse than expected.
    Happiness depends on safe choices (certain rewards, CR), expectations associated with risky choices (expected value, EV), and whether the outcomes of risky choices were better or worse than expected. This final variable is called a reward prediction error (RPE), the difference between the experienced outcome and the expectation. The neurotransmitter dopamine is thought to represent these signals which might explain how people learn about rewards (if you get more than you expected, next time you should expect more).
    Happiness depends on safe choices (certain rewards, CR), expectations associated with risky choices (expected value, EV), and whether the outcomes of risky choices were better or worse than expected. This final variable is called a reward prediction error (RPE), the difference between the experienced outcome and the expectation. The neurotransmitter dopamine is thought to represent these signals which might explain how people learn about rewards (if you get more than you expected, next time you should expect more).
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