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Jeffrey P. Cohen

Jeffrey P. Cohen
University of Connecticut, School of Business · Center for Real Estate and Urban Economic Studies, and Department of Finance

Ph.D in Economics, University of Maryland, College Park

About

99
Publications
19,947
Reads
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1,566
Citations
Citations since 2016
45 Research Items
852 Citations
2016201720182019202020212022050100150
2016201720182019202020212022050100150
2016201720182019202020212022050100150
2016201720182019202020212022050100150
Additional affiliations
August 2000 - January 2015
University of Hartford
Position
  • Professor

Publications

Publications (99)
Article
When liquidity providers for one asset obtain information from other asset prices, this may magnify the (upward or downward) comovement of asset liquidity. It also may yield an illiquidity multiplier (Cespa and Foucault, Review of Financial Studies, 27(6), 1615–1660, 2014). We empirically test the magnitude of this illiquidity multiplier for a samp...
Article
Berlin‐Brandenburg airport (BER) became well‐known far beyond German borders due to substantial planning problems and multiple opening delays. Originally planned to open in March 2012, BER finally opened in 2020, after seven delay announcements. Focusing on the two most surprising and meaningful announcements, these unexpected delays form an exogen...
Article
We investigate whether pandemic‐induced contagion disamenities and income effects arising due to COVID‐related unemployment adversely affected real estate prices of one‐ or two‐family owner‐occupied properties across New York City (NYC). First, OLS hedonic results indicate that greater COVID case numbers are concentrated in neighborhoods with lower...
Article
Intercity air transportation has grown rapidly in recent decades and creates significant noise pollution that affects health. Previous research quantifies the losses that are capitalized into home values. Much research relies heavily on spatially restrictive noise contour plots to identify the house price discounts and determine economic damages. W...
Preprint
Full-text available
Concerns about the lingering novel Coronavirus may have led to long-term structural change in desired dwelling locations in some large U.S. cities, such as New York City. Densely concentrated neighborhoods may be at higher risk of virus contagion, giving more individuals incentives to move out. We investigate whether this pandemic-induced disamenit...
Article
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Separating urban land and structure values is important for national accounts and for analysis of real estate risk over time. A large part of the literature on urban land valuation uses the land residual method, which relies on the assumption that structures are easily replaced. But urban land value depends on accessibility to nearby land uses, imp...
Article
The impacts of a major hurricane on residential real estate can be devastating. Hurricane Sandy in New York City (NYC) is among the examples of how flooding can unexpectedly extend beyond FEMA flood zones. Such surprises or negative shocks can provide property owners—especially those not flooded—with new information about future flood risks, based...
Article
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The original version of this article unfortunately contained mistakes. Errors were found within Tables 2, 3, 5, 6 and 7. The corrected versions of these tables are as follows.
Article
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We study the bargaining power of investors and the contagion effects of investor-owned single family homes on nearby property values. By controlling for the characteristics of both buyers and sellers, we find that investors tend to have more bargaining power than owner-occupiers — they purchase at lower prices and sell at higher prices, all else eq...
Article
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In this study, we develop and apply a new methodology for obtaining accurate and equitable property value assessments. This methodology adds a time dimension to the Geographically Weighted Regressions (GWR) framework, which we call Time-Geographically Weighted Regressions (TGWR). That is, when generating assessed values, we consider sales that are...
Article
The question of whether REITs compete for scarce capital across geographic space is deserving of attention. In this study, we consider the issue of spatial competition among REITs across U.S. states in terms of the degree of interdependence in financial capital demand. First, we motivate the issue with a theoretical model of cost minimization by us...
Article
Using Lorenz-type curves, means tests, ordinary least squares, and locally weighted regressions (LWR), we examine the relative burdens of whites, blacks, and Hispanics in Georgia from road and air traffic noise. We find that whites bear less noise than either blacks or Hispanics and that blacks tend to experience more traffic noise than Hispanics....
Article
An understanding of the spatial variation in the impacts of living near reservoirs, dams, and undevelopable land is important in explaining residential property values. While there is a body of literature on the effects of proximity to dams and reservoirs on housing prices, little known research attempts to determine if various individual houses ar...
Article
We contribute to the literature on house price diffusion by carrying out our analysis at three levels: CBSA (nationwide), town, and census tract (Greater Boston Area). We estimate fixed‐effect models of house price growth on lagged growth (“Persistence”), nearby lagged growth (“Spillovers”) and Fundamentals growth. CBSA‐level Persistence and Spillo...
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The ability of local assessors to accurately estimate land values separately from structure values is important when considering a split tax. When the value of land is estimated with less variation, there is greater equity. We examine land ratios in New London, New Haven, and Hartford Connecticut and sub-groupings within these cities for 2006 to 20...
Chapter
Airports are the portals where international air transport networks, which are increasingly important in a globalized, services-oriented economy, intersect with regional and metropolitan ground transportation networks. Our hypothesis is that, at this nexus, the degree of international connectivity at an airport and distance from the airport manifes...
Article
Objective: To assess optimal activity size/mix of Connecticut local public health jurisdictions, through estimating economies of scale/scope/specialization for environmental inspections/services. Data sources/study setting: Connecticut's 74 local health jurisdictions (LHJs) must provide environmental health services, but their efficiency or reas...
Article
An announcement of new rail rapid transit access to urban commercial centers may lead to greater business activity and agglomeration economies, while causing anticipation of construction disruption and resource diversion away from other infrastructure. Using a rail rapid transit line announcement in Vancouver, BC, Canada, we estimate the net capita...
Article
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We estimate location values for single family houses using a standard house price and characteristics dataset and local polynomial regressions (LPR), a procedure that allows for complex interactions between the values of structural characteristics and the value of land. We also compare LPR to additive OLS models in the Denver metropolitan area with...
Article
Land value taxation or split-rate taxation (SRT) in Connecticut is close to reality with Public Act 15–184. We simulate short-run tax burdens for property owners in two Connecticut cities when moving from a uniform property tax to SRT. We examine whether higher valued property owners face higher tax increases when moving to SRT. A major contributio...
Article
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During the housing bust many homeowners found themselves ?underwater??the amount they owed on their mortgages exceeded the value of the associated property?and they either could not or possibly chose not to stay current on their mortgage payments. As a consequence, sales of so-called distressed properties, often after a foreclosure, became commonpl...
Article
While an understanding of spatial spillovers and feedbacks in housing markets could provide valuable information for location decisions, little known research has examined this issue for the US Metropolitan Statistical Areas (MSAs). Also, it is unknown whether there can be differences in the spatial effects before and after a major housing “bust”....
Article
As the FAA forecasts air traffic growth for U.S. carriers to increase (by 90% in revenue passenger miles and by 50% in the number of handled aircraft) over the next 20 years, airports consequently will be subjected to problems associated with substantially increased levels of demand. One component of the solution is expected to come from further in...
Article
Full-text available
As an alternative to ordinary least squares (OLS), we estimate location values for single family houses using a standard housing price and characteristics dataset by local polynomial regressions (LPR), a semi-parametric procedure. We also compare the LPR and OLS models in the Denver metropolitan area in the years 2003, 2006 and 2010 with out-of-sam...
Article
We estimate a variety of cost function models, using annual data for each of Connecticut’s 30 hospitals over a 10 year time period, and consider a variety of semi-parametric regression models as in McMillen and Redfearn (2010).•One innovation is that we address both the space and time dimensions in the kernel weights of our panel data semi-parametr...
Article
Proximity to wetlands and water bodies can be considered an amenity (for open space and recreation value), as well as a possible nuisance (with the potential for flooding or development restrictions), although the overall effect may be different depending on location. Studies of the impacts of wetlands and water on housing prices can also be prone...
Article
An important measure of the capital-land ratio in urban areas is the Floor Area Ratio (FAR), which gives a building’s total floor area divided by the plot size. Variations in the FAR across cities remain an understudied measure of urban spatial structure. We examine how the FAR varies across the five boroughs of New York City. In particular, we foc...
Article
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This paper summarizes changes in housing prices during the recent U.S. boom and bust from various geographic perspectives. Nationally, the Standard & Poor's/Case-Shiller house price index more than doubled in nominal terms during the boom and has fallen by roughly a third subsequently. During the boom, housing prices tended to rise much faster in m...
Article
We evaluate how changes to mental health workforce levels, composition, and degree of labor substitution, may impact typical practice output. Using a generalized Leontief production function and data from 134 U.S. Department of Veterans Affairs (VA) mental health practices, we estimate the q-complementarity/q-substitutability of mental health worke...
Article
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This paper outlines a life-cycle cost analysis comparing a green (rain gardens) and gray (tunnels) infrastructure combination to a gray-only option to control combined sewer overflow in the Turkey Creek Combined Sewer Overflow Basin in Kansas City, MO. The area of this basin is 2,248 ha (5,554 acres). A set of spreadsheets was developed upon which...
Article
  To determine the impact of standard care and contingency management treatments on the utilization of general health-care services by substance abusers. PARTICIPANTS, DESIGN AND MEASUREMENTS:  This secondary analysis pooled 1028 treatment-seeking substance abusers from five randomized clinical trials that compared the effects of standard care (SC,...
Article
Drug abuse treatment has been pervasive in the US in the recent years, and the associated direct treatment costs approached $18 billion in 2001. However, there have been few published studies on scale economies, and none on scope economies, for drug abuse treatment costs. We estimate a restricted cost function for 17 hospitals in Washington State t...
Article
Green roofs have recently seen increasing popularity in many cities, such as New York, due to their cooling effects, stormwater control features, and aesthetics and amenity values. Few known studies, however, have attempted to quantify the benefits of green roofs into monetary values. We use hedonic regression techniques to obtain estimates that ap...
Article
The recent federal Health Care Reform Act signed into law by President Obama is expected to lead to greater patient volumes at non-profit hospitals in Connecticut (and throughout the country). The financial implications for these hospitals depend on how the costs per patient are expected to change in response to the anticipated higher patient volum...
Article
Spatial heterogeneity of the determinants of airport noise is explored using houses sold near the Atlanta airport. Ordered probit locally weighted regressions (OPLWR) produce results substantively different than those using standard ordered probit. We find notable differences in the signs and magnitudes of the parameter estimates for different indi...
Article
Objective: To employ production technology methods to evaluate how changes to mental health workforce levels, composition, and degree of labor substitution, may impact a typical mental health practice. Data Sources: FY 2007 Department of Veterans Affairs (VA) detailed data, assembled from multiple sources, on 134 mental health practices.Study Desig...
Article
The importance of "broader" economic effects of transportation infrastructure has recently become apparent. "Broader" refers to impacts beyond the geographic boundaries within which the infrastructure investments are undertaken. Approaches to estimate "broader" impacts in production and cost function models are evaluated. A contribution of this pap...
Article
Full-text available
Congestion at airports imposes large costs on airlines and their passengers. A key reason for congestion is that an airline schedules its flights without regard to the costs imposed on other airlines and their passengers. As a result, during some time intervals, airlines schedule more flights to and from an airport than that airport can accommodate...
Article
Using county-level data, we analyze the impact of ports infrastructure investment on the retail trade sector in California. We include the level of ports infrastructure stocks in own and neighboring counties as shift variables in the production function and find significant evidence of spatial autocorrelation. There are unambiguous positive spillov...
Article
Using hedonic models, we analyze the effects of proximity and noise on housing prices in neighborhoods near Hartsfield-Jackson Atlanta International Airport during 1995-2002. Proximity to the airport is related positively to housing prices. We address complications caused by changes over time in the levels and geographic distribution of noise and b...
Article
Full-text available
One might expect that houses closer to an airport and those in higher minority population neighborhoods experience more airport noise. We find evidence supporting these conjectures when estimating a standard ordered probit model for houses sold near the Atlanta airport. However, because the various neighborhood demographics surrounding the airport...
Article
Hospital cost efficiency is dependent on the potential to generate cost economies, which imply lower costs for hospitals that are, for example, larger or more diversified. Although scale and scope economies have been recognized in the literature on hospital costs, agglomeration economies due to hospital clustering have received little attention. We...
Article
Full-text available
Agglomeration Economies, or production cost savings due to geographic clustering of firms and industries, can enhance the growth and development of firms, industries, regions and cities. We provide an overview of the theory and empirical literature of agglomeration, and highlight several applications from the cost function perspective. These applic...
Chapter
Le présent document commence par justifier la nécessité de prendre en compte « les effets économiques au sens large » lorsqu’on procède à une appréciation des infrastructures de transport, et se poursuit par une analyse des diverses techniques permettant de le faire. Il examine principalement les études réalisées sous l’angle de la fonction de coût...
Chapter
This paper begins by motivating the need for including "wider economic effects" when conducting transport infrastructure appraisal, followed by a discussion of various techniques to do so. The major focus is on studies from the cost function perspective that incorporate spillover benefits from public infrastructure capital, with a presentation of a...
Article
Full-text available
U.S. ports serve a vital role in the nation's supply chain and international trade. While the areas surrounding these ports bear the external costs of port expansion (congestion, air and noise pollution), neighboring regions feel the benefits and additional costs from port activity. Given the current debate over external costs from port activity, i...
Article
Despite the refrain that housing prices are determined by "location, location, and location," few studies of airport noise and housing prices have incorporated spatial econometric techniques. We compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near t...
Article
Using hedonic models, we analyze the effects of noise and proximity on housing prices in neighborhoods near Hartsfield-Jackson Atlanta International Airport during 1995-2002. We address complications caused by changes over time in the levels and geographic distribution of noise and by the fact that noise levels are measured only at the beginning an...
Article
We evaluate the impacts of enhanced transportation systems on property values for U.S. manufacturing firms, allowing for higher-order spatial error correlation. We use a state-level model of production cost and input demand that recognizes the productive contribution of public transportation infrastructure stocks. Our findings include significant i...
Article
Full-text available
This paper begins by motivating the need for including “wider economic effects” when conducting transport infrastructure appraisal, followed by a discussion of various techniques to do so. The major focus is on studies from the cost function perspective that incorporate spillover benefits from public infrastructure capital, with a presentation of a...
Article
The effects of court-ordered education finance reform on property values and residential choice have received increasing attention in recent years (Fischel 2001). However, little attention has been focused on the effects of education finance reform on manufacturing sector property values within an optimizing framework. This is pursued here by model...
Article
Spatial spillovers and inter-dependencies among industries are often ignored in conventional production studies, despite substantial evidence suggesting their importance. Thick market or agglomeration effects may be associated with own-industry, supply-side, and demand-side spillovers. Our theoretical framework, which measures and evaluates such sp...
Article
Full-text available
When taxing real property at the local level in the United States, land and improvements to the land, such as buildings, are generally taxed at the same rate. Two-rate (or split-rate) taxation departs from this practice by taxing land at a higher rate than structures. This paper begins with an elementary discussion of taxation and the economic rati...
Article
Full-text available
The benefits and costs to private industry of investments in the transportation network, such as impacts on property values, are key to assessing the welfare implications of public transportation expenditures. In this paper we evaluate the capital asset value benefits from enhanced access to highways and airports for U.S. manufacturing firms, using...
Article
Full-text available
Teaching economics has been shown to encourage students to defect in a prisoner's dilemma game. However, can ethics training reverse that effect and promote cooperation?, We conducted an experiment to answer this question. We found that students who had the ethics module had higher rates of cooperation than students without the ethics module, even...
Article
Effects of public infrastructure investment on the costs and productivity of private enterprises have proven difficult to quantify empirically. One piece of this puzzle that has received little attention is spatial spillovers. We apply a cost-function model to 1982-1996 state-level U.S. manufacturing data, to untangle the private cost-saving effect...
Article
Cost-impacts of spatial and industrial spillovers on economicperformance are evaluated by incorporating activity level measures for nearby states and related industries into a cost function model. We focus on localization and urbanization economies for state level food processing industries, from activity levels of similar industries in neighboring...
Article
Airports in the US air transport network have become increasingly congested, leading to delays for business travelers and freight shipments. Since disruptions in one part of the network exacerbate problems throughout the system, airport infrastructure expansions to enhance air traffic flows confer travel-time savings and reliability benefits, and t...
Article
Full-text available
Congestion and subsequent delays have been prevalent in many U.S. airports in recent years. A common response to congestion, championed by many community leaders, is to expand capacity by constructing new runways and terminals. Airport expansions are costly, complex, and controversial. We begin by using basic economic theory to analyze congestion a...
Article
The expressed objective of the European Union (E.U.), from its establishment in 1951 with six nations to its subsequent enlargements to include fifteen countries, and its attempts to increase economic integration in 1993 and monetary integration in 1999, has been to promote economic and social progress for the member nations. Interactions and flows...
Article
Teaching economics has been shown to encourage students to defect in a prisoner's dilemma game. However, can ethics training reverse that effect and promote cooperation? We conducted an experiment to answer this question. We found that students who had the ethics module had higher rates of cooperation than students without the ethics module, even a...
Article
Full-text available
Following the terrorist attacks on September 11, 2001, the passage of the Aviation and Transportation Security Act mandated a substantial increase in resources devoted to aviation security. This paper summarizes the specific changes stemming from this legislation. In addition, the paper examines the economic issues underlying the regulation and pro...
Article
How states and localities react to federal airport grant cuts is a question of increasing importance, especially in light of recent congressional funding reauthorization debates. This study finds that states and localities behave in the way public finance theory predicts. The magnitude of an airport spending change is the same (but in opposite dire...
Article
Full-text available
In recent years, many hubs in the highly interdependent U.S. air transport network have become congested, leading to delays for business travelers and freight shipments. Recent events in this industry may have temporarily reduced this congestion, but contributed to other types of disruptions. Since delays and disruptions at one node of the network...