當地房地產市場的外部地理【外文翻譯】

1、本科畢業設計（論文）外文翻譯原文：原文：GeographicalexternalitiesoflocalrealestatemarketsOneofthemainobjectivesofpropertymarketanalysishasbeentounderstpatternsoflocation.WhydofirmsoccupyspaceinsomeplacesnotinothersIthasalwaysbeenassumedthat

2、thereisaspatialdimensiontotheaccommodationdecisionthatthisresultsinsomelocationsbeingfavouredoverothersemphasizingtheirpopularity.Twocountervailinginfluencesdominatecurrentthinkingonlocation.Ontheonehthereistheavailabili

3、tycostoflasafactofproductionontheothertherearetheeconomiesofscaleinthelabourmarketthatcanbeachievedthroughagglomerationconcentration.Littlenothoughtisgiventotheinteractionbetweenlocalrealestatemarkets.Traditionallyithasb

4、eenthoughtthatthesemarketsnaturallyachieveequilibriumwithrentlevelsdeterminedbythescarcityofofferedspacerelativetodem.Rentsareusuallyregardedasafunctionofthesizeofacitythedistanceofalocationfromthecitycentrefromotherciti

5、es.Howeverrecentanalysisofrealestatemarketshasshowthattheyarerarelyifeverinequilibrium.Withmarketfundamentalschangingcontinuouslyequilibriumisnowconsideredtobetheexceptionratherthantherule.Thepaperaddressesthefollowingqu

6、estions.DolocalmarketscompetewitheachotherintheprocessofachievinginternalequilibriumDolocalplanningdecisionshaveanimpactonsubjectothermarkets(viceversa)whatwouldthatimpactbeWhatistheprecisepatternofinfluencesintenancyinv

7、estmentpricinghowthiscanbecapturedinanalyticalfecastingmodelsTherehasbeenlittlethinkingonhowlocalpropertymarketsmaybedifferentiatedwhattheimplicationsofthatmightbe.Traditionallydifferenceshavebeenthoughtofinasimplespatia

8、lsenseasamatterofdistancefromotherimpactofplanningpolicyonpriceequilibriumintheoccupierinvestmentmarketsatalocallevel.Inrelationtotheoccupiermarketthiswksuggestedthattheapplicationoflocalpoliciesmayhavespillovereffectson

9、otherlocalmarketsthatmaydistttheexpectedoutcomeatthenationallevel.Putsimplytheresultofsuchpoliciesmaybethateconomicactivityisattractedtothecentredisplacedfromittoothernationalcentrescentresoverseas(cf.theincreasingtrendo

10、foffshingofsectionsofbusinessservicesindustries).Asaconsequenceexistinganalyticaltoolsmaynotbeabletoassesswhattheaggregateimpactofplanningchangeswillbeonthedemfspaceontheoveralllevelofeconomicactivity.Anotherstudybytheau

11、thsindicatedthatplanningconstraintsonsupplyareapowerfulleadingindicatoflocalmarketvalue.Howeveritalsoshowedthattheactualimpactsdependsgreatlyontheextenttowhichdemcouldbesatisfiedinotherareas.Boththesepiecesofwksuggesttha

12、tifwecouldmeasurethesustainabilityofrentalincomeinthefaceoflocalmarketsupplyshockswewouldbeablefarmeeffectivelytomodelinvestmentvaluesyieldmovementsatthelocallevel–thekeymeasuresneededfpropertymarketfecasting.Doesthismea

13、nthatwehavetothinkagainabouthowrentsaredeterminedatthelocalmarketlevelhowwedefineourmodelstoderivetheserentsUrbantheytraditionallyassumesthattransptcostsareakeydriverinthelocationofdifferentpartsoftheproductionchain.Howe

14、verwiththegrowthofmeknowledgeintensiveindustriesdotransptcostsactuallymatteranymeHerewetakeadifferentapproachwhichdownplaystheimptanceofdistanceinthefaceofthedigitaltechnologiesthatareincreasinglyusedinbusinessservices.I

15、nsteadwefocusonfirms’requirementsfamixofdifferentqualitiesoflabourspaceintheoverallproductionstructureontheroleoftheagglomerationprocessinmeetingthesetwoneeds.Bybringingtogetherrentalvaluesbuildingstocklocalincomefalarge

16、rangeofcentresfromthewholeofEngltheemploymentofrobustanalyticaltechniqueswasenabled(paneldata).Thisproducedsignificantsupptfthehypothesesofthestudymeasurementsoftheimpactsofchangethatmayenhancetheprecisionofappliedanalys