We examine the contagion effect of residential foreclosures and find strong evidence of a social interactions influence on default decisions where the interaction is based on neighbors' behavior in a previous period. Using a unique spatially explicit parcel-level dataset documenting residential foreclosures in Maryland for the years 2006–2009 and a highly localized neighborhood definition, based on 13 nearest neighbors, we find that a neighbor in foreclosure increases the hazard of additional defaults by 18 percent. This feedback effect goes beyond a temporary reduction in local house prices and implies a negative social multiplier effect of foreclosures. (JEL R23, R31)
Au Canada, la production et le commerce de produits laitiers et de volaille sont soumis à un système de gestion de l'offre (GO) : des quotas sont imposés aux producteurs, et des contingents tarifaires limitent les importations. Plusieurs partenaires commerciaux du Canada cherchent à obtenir un meilleur accès au marché canadien de produits laitiers et de volaille dans le cadre de négociations d'accords commerciaux préférentiels, et cela a ravivé le débat sur la GO. Dans cet article, nous analysons une critique de ce système de GO, selon laquelle le régime a des effets dégressifs sur la répartition des revenus. Pour évaluer la réaction des consommateurs à des changements de prix des produits laitiers et de volaille, nous utilisons le modèle d'approximation de la demande EASI, que nous appliquons à des données tirées de l'Enquête sur les dépenses alimentaires. Les paramètres du modèle nous permettent de comparer la situation actuelle (avec GO) et ce qui se produirait sur un marché libéralisé. Nos résultats montrent que le régime actuel est très dégressif, puisqu'il impose une charge annuelle d'environ 2,3 pour cent (339 $) aux ménages les plus pauvres, alors que cette charge n'est que de 0,5 pour cent (554 $) pour les ménages les plus riches. De plus, cette charge est plus importante encore dans le cas des ménages avec enfants.Mots clés : gestion de l'offre, estimation de la demande, impô t dégressifThe production and trade of dairy and poultry products in Canada are controlled by a system of supply management (SM). Output is regulated with production quotas, and imports are restricted through a system of tariff-rate quotas. Many of Canada's trading partners are seeking better access to Canadian dairy and poultry markets in negotiations over proposed preferential trade agreements. These pressures have renewed debate about the future of SM in Canada. We investigate one criticism of SM: that high prices for dairy and poultry products impose regressive distributional effects on Canadian consumers. We apply the Exact Affine Stone Index demand model to data from the Canadian Food Expenditure Survey to estimate consumer responses to price changes for dairy and poultry products. Parameters from the demand model are used to generate welfare comparisons between the current SM regime and a counterfactual liberalized market. Canada's SM policies are highly regressive, imposing a burden of approximately 2.3 percent ($339) of income per year on the poorest households, compared to 0.5 percent ($554) for the richest households. The burden is larger for households with children.
a b s t r a c tWe examine the role of spatial interactions in conservation easements placed on prairie pothole habitat in western Canada. One of the goals of the conservation easement program we study is to protect contiguous habitat. We identify endogenous spatial interactions among conservation easements and government protected land, independent of spatially correlated landscape features and local economic shocks that influence easement enrollment. We present evidence that easements increase the likelihood of subsequent easements on neighboring land. Government-protected land appears to have little effect on the location of conservation easements. These results imply that conservation agencies have leveraged past conservation investment to enroll more contiguous habitat in permanent easements through a combination of targeting and positive social interactions among neighboring landowners.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.