Real Estate Markets Are Informationally Efficient: Evidence from Buyer and Agent/Broker Surveys

This article presents new evidence based on unpublished buyer surveys and real estate agent and broker surveys supporting the consensus in the published literature that real estate markets are informationally efficient. This evidence is drawn from expert reports submitted in litigation involving claims that contamination caused property value diminution, and presents a new hedonic regression model of residential sales prices that includes as an independent variable the state of knowledge of the buyer regarding a contamination event. In this model the state of knowledge of the buyer has no statistically significant effect on the sales price. The article also discusses standards for the use of buyer and agent/broker surveys in litigation.     

Morocco and the United States: A lobbying opportunity

Morocco is going to have to become more adept at lobbying its interests in the US if the free trade area between the two countries has a chance of success.     

Who will guard the guardians? Amartya Sen's contribution to development evaluation

An Action Learning process integrated with Sen's Capability Approach can support development agencies to formulate interventions that enhance freedom. The authors show that putting this approach into practice has important implications for the manner in which ‘development’ is undertaken as an ideological project. It may help to examine and challenge those who hold power in development: the guardians. This finding is the result of an emergent Action Learning process that was initiated by applying Sen's principles to focus-group interviews with women who care for people affected by HIV and AIDS. One of the findings of these focus groups was that the participants valued the process because it opened a space for them to influence the work of the implementing NGO. Essentially, they could hold the implementing agency to account. Reflection on this outcome by the agency led to important shifts in processes that are more supportive of freedom.