Search Results (84)

The real estate market is a complex and dynamic sector that plays a key role in economic stability and wealth generation. In many regions, real estate assets represent around 80% of household wealth, while rising housing prices have turned access to housing into a major social and economic challenge. In this context, the availability of accurate and accessible information is essential for decision-making by buyers, investors, and public administrations. This study proposes the development of an advanced technological tool based on Artificial Intelligence and Machine Learning techniques to predict and analyze real estate market dynamics within a specific geographic area. Using the city of Madrid as a case study, the research presents a digital application capable of estimating the market value of a property by analyzing comparable recently sold properties and incorporating key housing characteristics. By entering an address and a set of property features, the system generates a precise and data-driven valuation. The results demonstrate that AI-based approaches can significantly improve the accuracy and accessibility of real estate valuation processes. The proposed methodology enables real-time price estimation, graphical comparisons, and dynamic market analysis. Furthermore, the framework is scalable and can be extended to other geographic areas where relevant data are available, providing valuable insights for both academic research and practical decision-making in the real estate sector. Full article

Financial channels only redistribute existing wealth rather than generating new wealth. Consequently, financialized gains for one person inevitably mean losses for others. However, the prevailing literature on housing financialization often emphasizes how investors earn excessive profits while neglecting how ordinary households bear corresponding losses. This study seeks to initiate a conceptual and empirical exploration of financialized loss within housing consumption. This study first clarifies what constitutes these losses. It then employs a comparative case study of Japan and Canada to highlight how certain housing characteristics are linked to major financialized losses for housing consumers. The findings can guide the design of more targeted housing policies to reduce housing consumers’ losses and, thereby, improve housing affordability for ordinary households. Ultimately, this study lays the groundwork for a new research agenda focused on financialized loss in housing consumption, thereby providing a novel perspective for understanding housing financialization. Full article

Using transaction cost economics (TCE) and agency theory, this paper examines how blockchain, smart contracts, and decentralized autonomous organizations (DAOs) reconfigure financial services across payments, wealth management, real estate, and corporate governance. Three research questions are addressed: (1) What are the quantifiable efficiency gains from blockchain-based real-time settlement compared with legacy systems? (2) How do blockchain technologies reduce intermediation and agency costs in wealth management and real estate? (3) Finally, to what extent do DAOs resolve or transform traditional corporate governance problems? By combining a present-value model calibrated to U.S. Automated Clearing House (ACH) data ($86.2 trillion in annual volume), comparative institutional analysis, and synthesis of empirical evidence from pilot implementations and on-chain governance metrics, this paper makes three principal contributions. First, real-time settlement yields approximately $12 billion in annual opportunity cost savings at the baseline 7.5% discount rate, with sensitivity analysis producing a range of $8–15 billion. The majority of gains accrue from moving to same-day or within-hour settlement. Second, tokenization and smart contract escrow substantially reduce real estate intermediation costs, blockchain-based digital identity streamlines wealth management onboarding, and a stablecoin taxonomy classifies fiat-collateralized, crypto-collateralized, and algorithmic designs by risk profile. Third, on-chain data reveal persistent governance token concentration (Gini > 0.98) and low voter participation (typically below 10%), exposing a gap between DAO theory and practice. Blockchain-specific risks are mapped to National Institute of Standards and Technology (NIST) Cybersecurity Framework 2.0, and mechanism design solutions, such as quadratic voting and AI-assisted proposal evaluation, are proposed to address whale dominance. Effective adoption requires hybrid architecture combining on-chain automation with off-chain structures for accountability and regulatory compliance. Full article

Air pollution episodes caused by particulate matter (PM) persist in and around Kraków even after the city’s ban on solid fuels. We examine how household wealth and the ongoing replacement of old heat sources with modern, energy-efficient units affect these emissions. Years of hourly data from a network of low-cost sensors for neighboring municipalities are combined with the Poland building emissions register specifying the number and type of heating devices and municipal personal income tax records. Two distinct emission patterns emerge. Episodes of elevated concentrations near houses with old hand-loaded stoves follow pronounced behavioral cycles tied to residents return home hours and the nightly sleep cycle, whereas elsewhere the pattern is smoother—consistent with modern heating sources or with advection from dispersed upwind sources. Municipalities that recorded per capita income growth also showed declines in average PM concentrations, suggesting that rising incomes accelerate the transition to cleaner, more efficient heating. Our findings suggest that economic development is linked to the shift towards cleaner and more efficient energy, and that providing targeted support for low-income households should not be overlooked in completing the transition. Full article

Huysmans’s novel À rebours can be seen as an epitome of the dialectic implied by the term peccata lectionis: reading can only come into its own through certain ‘sins’ inherent to it while possibly compromising it. Such ‘sins’ are involved in the decision of the novel’s single protagonist and anti-hero, Des Esseintes, to withdraw into the solitude of his country house to live a life dedicated to aesthetic and intellectual pleasure. While celebrating his own eccentric fancies and artificiality of taste, the protagonist’s days of decadence, in their very antagonism towards both society and nature, are spent pursuing what can be called ‘reading of culture’. As ‘the reading of culture’ and its dialectics in the novel extend to and draw upon a wealth of references to the Catholic cultural tradition, the latter leads to a textual logic and a particular kind of lectio. It is in keeping with the novel being widely regarded as a harbinger of the ‘Catholic turn’ in its author’s career, Des Esseintes, at one point of the narrative, comes to explore the so-called ‘Catholic idiom’. Whereas his critique is aimed at 19th century Catholic writers in France and their indebtedness to the definitive rhetoric of the French Grand Siècle, the ‘Catholic idiom’, its particular textuality and the ‘reading of culture’ that is manifest in it may lie elsewhere in Huysmans’s novel itself. These likely reside in the textual logic of catalogues or ‘compendia’, that is, the listing of names within a category, which evokes mediaeval textual practices. The catalogue or ‘compendium’ as a genre within Huysmans’s novel fulfils the artificiality and vigour of the protagonist’s ‘reading of culture’—and the whole dialectic of the peccata lectionis. Full article

This paper interrogates two important but obscured admission policy developments at leading American universities in the post-World War II era. First, we critically examine the University of California’s “special admissions,” later formalized as the “Admission by Exception” policy adopted at two flagship campuses (Berkeley and UCLA) to open opportunities for veterans returning from the War under the GI Bill. The scale of this Admission by Exception policy was orders of magnitude larger than any comparable admissions policy in recent decades, including both the eras with and without legally permissible affirmative action. Second, we excavate archival evidence from the immediate aftermath of the 1954 Brown v. Board of Education decision, where leaders at the flagship University of Texas at Austin campus hastily adopted a new standardized exam requirement because their enrollment modeling indicated this was the most efficient way to not face further losses in federal court while excluding the largest number of African Americans (and thereby resisting Brown) and maintaining the same overall size of the freshmen class. These two post-war admission policy changes, one arising in de facto segregated California and the other in de jure segregated Texas, operated as racialized institutional mechanisms analogous to “redlining” racially restrictive housing policies that are a more familiar feature of the post-War era. We draw on historical data about earnings and wealth accumulation of the overwhelmingly white graduates of UC and UT in the 1950s–70s and connect these findings to the theoretical frameworks of Cheryl Harris’s “whiteness as property” and George Lipsitz’s racialized state investment. We show how these admission policies contributed to the intergenerational transfer of advantage. We then turn to the contemporary admissions landscape at highly selective American universities after the Supreme Court’s SFFA v. Harvard ruling. We link current trends at some elite institutions toward a return to standardized testing requirements, maintaining considerations of athletic ability mostly in “country club” sports as manifestations of bias in university admissions, which tend to favor white applicants. The paper connects historical racialization of admissions to ongoing inequities in access and outcomes, showing how both historical and contemporary admissions policies reward inherited forms of cultural capital aligned with whiteness. Full article

As climate disasters intensify, their financial shockwaves increasingly threaten residential stability and the resilience of the U.S. mortgage market. While prior research links natural disasters to payment delinquency, far less is known about foreclosure—the terminal outcome of housing distress. We construct a novel property-level panel covering 55 flood, wildfire, and hurricane events, integrating transactional, mortgage, and insurance data. A difference-in-differences framework compares foreclosure rates for damaged parcels with nearby undamaged controls within narrowly defined hazard perimeters. Results show that flooding substantially increases foreclosure risk: inundated properties experience a 0.29-percentage-point rise in foreclosure likelihood within three years, with effects concentrated outside federally mandated flood-insurance zones. In contrast, wildfire and hurricane wind damage are associated with lower foreclosure incidence, likely reflecting standard insurance coverage and rapid post-event price recovery. These findings suggest that physical destruction alone does not drive credit distress; rather, insurance liquidity and post-disaster equity dynamics mediate outcomes. Policy interventions that expand flood insurance coverage, stabilize insurance markets, and embed climate metrics in mortgage underwriting could reduce systemic exposure. Absent such measures, climate-driven foreclosures could account for nearly 30% of lender losses by 2035, posing growing risks to both household wealth and financial stability. Full article

In developed countries such as Spain, where the population is increasingly aging, retirement planning and longevity risk represent major societal challenges. In Spain, in particular, a significant proportion of household wealth is concentrated in real estate, primarily in the form of owner-occupied housing. For this reason, one emerging financial product in the retirement savings space is the reverse mortgage (RM). This study examines the determinants of acceptance of this financial product using survey data collected from Spanish individuals. The intention to take out an RM is explained through performance expectancy (PE), effort expectancy (EE), social influence (SI), bequest motive (BM), financial literacy (FL), and risk (RK). The analysis applies machine learning techniques: decision tree regression is used to visualize variable interactions that lead to acceptance; random forest to improve predictive capability; and Shapley Additive Explanations (SHAP) to estimate the relative importance of predictors. Finally, Importance–Performance Map Analysis (IPMA) is employed to identify the variables that merit greater attention in the acceptance of RMs. SHAP values indicate that PE and SI are the most influential predictors of intention to use RMs, followed by BM and EE with moderate importance, whereas the positive influence of RK and FL is more reduced. The IPMA highlights PE and SI as the most strategic drivers, and RK and BM act as relevant barriers to the widespread adoption of RMs. Full article

The purpose of this work is twofold: first, it aims to derive an exact analytical form of the Pareto index based on the already developed model of the economy as a scale-free network comprising a given amount of either wealth or income (total number of links, each link representing a non-zero amount or quantum of income or wealth) distributed among its variable number of actors (nodes), all of whom have equal access to the system), and second, it aims to employ the derived analytical form of the Pareto index to determine the degree to which the observed inequality in wealth and in income as measured by the respective empirical values of the Pareto index is inherent in the economic system rather than the result of externally imposed factors invariably reflecting a lack of equal access. The derived analytical form of the Pareto index for wealth or for income is described by an exponential function whose exponent is the inverse of the average number of wealth or of income per actor (one-half of the average number of links per node) in the economic model. This exponent features prominently in the scale-free model of the economy and has a numerical value of 0.69 when the Pareto index attains a numerical value of 2, which signifies the optimal, albeit still unequal, distribution of wealth or of income in the economy under the condition of equal access. Because of the correspondence of the scale-free model of the economy to a physical system comprising quantum particles such as photons in thermodynamic equilibrium or state of maximum entropy in accordance with the laws of statistical mechanics, the inverse of the exponent is proportional to the temperature of the economic system, and a new parameter introduced to describe in a comprehensible manner the deviation in the economic system from its optimal distribution of wealth or income. A comparison of the empirical wealth and income Pareto indexes based on economic data for the four largest economies in the word, i.e., USA, China, Germany, and Japan, which account for over 50% of the global GDP, versus the corresponding optimal values per the scale-free model of the economy reveals interesting trends that can be explained away by the prevailing degrees of equal access, as manifested by inadequate education, health care, and housing, as well as the existence of rules and institutions favoring certain actors over others, particularly with regard to the accumulation of wealth. It has also been determined that the newly introduced parameters in the scale-free model of the economy of temperature as well as the quanta of wealth and of income should be expressed in power purchase exchange rates for meaningful comparisons among national economies over time. Full article

Today, due to the widening of the wealth gap, the intensification of climate change, and the acceleration of both population growth and population aging, our cities are being tested by multiple economic, environmental, and social challenges, including, but not limited to, urban sprawl, urban gentrification, marginalization, housing crisis, tent city, urban flooding, urban heat island, environmental migrants, urban slums, tent cities, urban aging, and empty nesters [...] Full article

Cities play a vital role in creating wealth and ensuring the well-being of all their inhabitants. However, major international efforts aimed at fostering fairer, healthier, and a more sustainable world have been compromised by the widespread effects of the COVID-19 pandemic. The objective of this research is to determine key priorities for addressing the pandemic’s impact in both the present and in a future urban context. Therefore, this study applies the Delphi method to a panel of 24 experts in order to identify the most and least important targets from Sustainable Development Goal 11 for post-COVID-19 sustainable urban planning in Cuenca, Ecuador. Out of the twelve targets, only five were prioritized, including “Target 11.1 Affordable housing”, Target 11.3 Sustainable Urbanization”, “Target 11.9 Implement policies for inclusion and property rights”, and “Target 6.3 Improve water quality”. These findings can serve as a foundation for future public policies and strategies for sustainable urban planning of the city. Full article

Background: Prematurity and low birth weight (LBW) drive infant morbidity and mortality, requiring nutritional interventions, especially in food-insecure settings. In Indonesia, regional disparities in food security hinder adequate nutrition for premature and LBW infants, exacerbating health challenges. The aim of study is to investigate and determine factors associated with prematurity and LBW in children from food-insecure and food-secure households. Methods: This research employed a cross-sectional study with 657 mothers of children aged 36–59 months, conducted using random sampling. Data was collected via standardized questionnaires and analyzed using Chi-square tests and logistic regression. Results: The adjusted model showed that children of food-insecure households had a higher risk of LBW (AOR = 0.54; 95% CI: 0.29–0.99; p < 0.05). LBWs were found to significantly less occur in food-insecure households. Low maternal education was associated with an increased risk of preterm birth (AOR = 3.23; 95% CI:1.78–5.84; p < 0.001). Furthermore, prematurity correlated with house ownership (p < 0.01), indicating the household’s wealth condition. Maternal education and house ownership were linked to prematurity, indicating the risk to child health outcomes. In summary, maternal education, employment status, and household income were linked to food insecurity, indicating the risk to child health outcomes. Conclusion: Strategies to improve child health outcomes are essential, including enhancing maternal nutrition knowledge to improve child feeding practices, promoting gender equality in career development, and reducing food insecurity in households. Full article

Energy poverty, resulting from poor energy efficiency and economic and social barriers to accessing appropriate, modern, and sustainable energy services, remains a critical issue in Jordan, a country facing growing climate pressures, particularly given its history of rapid urbanization. This study examines energy poverty through a multidimensional lens, considering its spatial and socio-demographic variations across Jordan. Drawing on data from 19,475 households, we apply a novel energy poverty index and binary logistic regression to analyze key determinants of energy poverty and discuss their intersection with climate vulnerability. The energy poverty index (EPI) is structured around four pillars: housing, fuel, cooling, and wealth. The results show that 51% of households in Jordan are affected by energy poverty. Contributing factors include geographic location, gender, age, education level, dwelling type, ownership of cooling appliances, and financial stability. The results indicate that energy poverty is both a socio-economic and infrastructural issue, with the highest concentrations in the northern and southern regions of the country, areas also vulnerable to climate risks such as drought and extreme heat. Our findings emphasize the need for integrated policy approaches that simultaneously address income inequality, infrastructure deficits, and environmental stressors. Targeted strategies are needed to align social and climate policies for effective energy poverty mitigation and climate resilience planning in Jordan. Full article

Military Orders in the Iberian Peninsula in the Middle Ages were greatly involved in both the processes of conquest and subsequent transformation of the territories seized from Islamic rule. Evidence of this involvement is still visible today through solid and long-lasting buildings raised in response to the new needs of the dominant Christian society. The most significant were fortresses, and all their variants, followed by the temples of various sizes and categories. However, there were also other lesser-known constructions including mills, hospitals, houses of the commandery, and houses of agricultural domains. This study, based on written and archaeological sources, focuses on the constructions linked to the Military Orders, especially those of the Orders of Santiago, Calatrava, and St. John throughout the Kingdom of Castile between the 12th and 15th centuries. This analysis thus delves into the temporal sequence and regional variations of these features that not only led to a transformation of the landscape but also reflected changes in the framework of a particular type of society affected by power relations, technological evolution, available resources and wealth, as well as by its mentality and identity. Founded on data gleaned through basic research, this study thus attempts to reconstruct, among other aspects, this historical development by identifying the operational sequence which began with the procurement of raw materials, passing through the construction processes, and the application of different techniques. The study has likewise placed a special emphasis on the alarifes and the final results of their duties by analysing their choices of construction techniques and their functions. Full article

This study examines the impact of housing price increases on income inequality using the dynamic system GMM for OECD countries (2010–2021). We test the hypothesis that housing price appreciation affects income distribution differently based on economic development levels and homeownership patterns. The analysis is conducted both for the entire sample and by dividing countries into two groups based on per capita income, Group 1 (16 countries) with below-median per capita GDP and Group 2 (17 countries) with above-median per capita GDP, to account to account for structural differences in housing markets, financial systems, and wealth accumulation mechanisms. The findings show that rising housing prices help reduce income inequality, especially in countries that are relatively low-income and where more low-income households own their homes. Specifically, our estimates indicate that a one-point increase in the housing price index leads to a statistically significant (p < 0.05) 0.21 percentage point reduction in the Gini change rate in lower-income countries. However, in higher-income countries, the effect of housing prices on inequality is statistically insignificant, suggesting that the relationship between housing markets and income inequality varies across different economic contexts. This insignificance likely stems from countervailing forces: while housing appreciation increases wealth for homeowners, higher housing costs may disproportionately burden lower-income households through rental markets in these economies. The findings highlight the importance of country-specific housing programs that consider homeownership patterns and financial market access in tackling inequality, along with comprehensive public social policies. Our study has implications for policymakers seeking to address inequality through housing market interventions, particularly during the post-2008 recovery period and into the early pandemic phase. Full article