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SUMMARY:Testing tacit collusion in the Chilean housing market. - Prof Migu
 el Vargas\, Universidad Diego Portales
DTSTART:20110119T160000Z
DTEND:20110119T170000Z
UID:TALK29022@talks.cam.ac.uk
CONTACT:Ellen Ihrig
DESCRIPTION:Literature has established that a well-functioning housing and
  real estate market can promote development\, poverty reduction\, and impr
 ovements in quality of life\, as a consequence of the strong relationship 
 that exists between access to adequate housing\, home ownership and a seri
 es of indirect welfare outcomes such as improved access to credit\, increa
 sed productivity in family- owned businesses\, improved labour market inse
 rtion\, and increased household income. Hence\, to have a clear idea of th
 e housing markets a degree of competition is vital. The latter is the star
 ting point for undertaking any policy tool which aims to improve these mar
 kets’ efficiency. This research aims to test the extent of competition i
 n the Santiago of Chile housing market. In order to achieve this objective
  a two step methodology is proposed. In the first step\, using a hedonic p
 rice model\, a sub-market analysis is proposed to divide the Santiago hous
 ing market into different sub-markets to focus the competition analysis up
 on these sub-markets. The second step is the tacit collusion test itself w
 hich will be made comparing the industry mark-up against the business cycl
 e in every sub-market\, using panel data regression models.
LOCATION:Department of Land Economy\, Laundress Lane\, Seminar Room 1
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