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Starts from the basic principles of property investment and shows that the initial yield conceals estimates of a risk premium, expected income growth and expected depreciation. Suggests that an explicit valuation procedure which can be used at any level ranging from a single property to the aggregate market may be constructed. Concludes that the surveying profession is under threat from those able to meet the growing demand for such explicit analyses.

Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from Veblen’s theory, was developed in the US in the early 20th century. This approach was part of a wider stream of empirical analyses of consumption expenditure that had begun more than a century earlier.

Along with elements that can be traced back to the neoclassical tradition, in Keynes’ analysis of consumption, we find original elements. The dependence of consumption expenditure on the level of income, which is essential for asserting the principle of effective demand, can also be found in a long tradition of empirical studies. In qualifying this relationship, Keynes uses theoretical elements echoing key insights of the economics of consumption as a social phenomenon. There is no documentary evidence that Kyrk or the economics of the social relevance of consumption came to Keynes’ attention. It is possible, however, to develop reasonable speculative considerations to argue a link between Keynes’ elaboration and both the empirical literature on the determinants of consumption and the economics of consumption as a social phenomenon.

This paper focusses on the role of trade unions in policy and practice designed to address the workplace impact of domestic abuse. The paper aims to examine this union remit through the lens of corporate social responsibility (CSR).

In-depth interviews were conducted with 39 union representatives in a region of England to capture their views on and experiences of supporting members experiencing domestic abuse.

There is a clear ethical model by which the unions might articulate the key moral, legal and business drivers in determining effective domestic abuse policy and practice. Furthermore, the degree of “proximity”, in terms of union deliberation with employers and particularly joint action following disclosure, suggests that unions could play a key part in achieving “substantive” domestic abuse policy and practice within organisations.

Despite unions' capacity to offer significant support to employers and employees, the role of unions in addressing the workplace impact of domestic abuse is under-researched. With reference to the concept of CSR, the article adds to the knowledge of how to address the workplace impact of domestic abuse.

Analyses data from the USA and UK to determine whether diversification within a region by property type is better than diversification between regions within a property type. Compares both strategies to full diversification by both property type and region. Calculates and compares property type and regional correlation matrices. Produces efficient frontiers and calculates principal components to determine if there are dominant property type or regional dimensions to real estate returns. Suggests that for the USA a purely retail portfolio diversified over all regions would have been almost as effective as a fully diversified portfolio. In the UK, there is less diversity across regions within retail property. Overall, there is no simple conclusion applicable to all regions and all property types in either country.

In the years following the publication of A Theory of Consumption (1923), Hazel Kyrk’s book became the flagship of the field that would later be known as the economics of consumption. It stimulated theoretical and empirical work on consumption. Some of the existing literature on Kyrk (e.g., Kiss & Beller, 2000; Le Tollec, 2020; Tadajewski, 2013) depicted her theory as the starting point of the economics of consumption. Nevertheless, how and why it emerged the way it did remain largely unexplored. This chapter examines Kyrk’s intellectual background, which, we argue, can be traced back to two main movements in the United States: the home economics and the institutionalist. Both movements conveyed specific endeavors as responses to the US material and social transformations that occurred at the turn of the 20th century, notably the perceived changing role of consumption and that of women in US society. On the one hand, Kyrk pursued first-generation home economists’ efforts to make sense of and put into action the shifting of women’s role from domestic producer to consumer. On the other hand, she reinterpreted Veblen’s (1899) account of consumption in order to reveal its operational value for a normative agenda focused on “wise” and “rational” consumption. This chapter studies how Kyrk carried on first-generation home economists’ progressive agenda and how she adapted Veblen’s fin-de-siècle critical account of consumption to the context of the household goods developed in 1900–1920. Our account of Kyrk’s intellectual roots offers a novel narrative to better understand the role of gender and epistemological questions in her theory.

Climate change, deforestation and hydropower dams are contributing to environmental change in the Lower Mekong River region, the combined effects of which are felt by many rural Cambodians. How people perceive and manage the effects of environmental change will influence future adaptation strategies. The objective of this research was to investigate whether the use of a low-cost, explicitly spatial method (participatory mapping) can help identify locally relevant opportunities and challenges to climate change adaptation in small, flood-prone communities. Four villages along the banks of the Mekong River in Kratie Province, Cambodia, were the subject of this research. To identify perceived environmental hazards and adaptive responses, eight workshops were conducted using focus-group interviews and participatory mapping. The communities’ responses highlight the evolving nature of environmental hazards, as droughts increase in perceived importance while the patterns of wet season flooding were also perceived to be changing. The attribution of the drivers of these hazards was strongly skewed towards local factors such as deforestation and less towards regional or global drivers affecting the hydrology of the Mekong and climate patterns. Combining participatory mapping with focus-group interviews allowed a greater depth of understanding of the vulnerabilities and opportunities available to communities than reliance on a single qualitative method. The study highlights the potential for a bottom-up transfer of information to strengthen existing climate change policies and tailor adaptation plans to local conditions.

Real estate investment has been generally accepted as a value-adding proposition for a portfolio investor. Such an impression is not only shared by investment professionals and financial advisors but also appears to be supported by an overwhelming amount of research in the academic literature. The benefits of adding real estate as an asset class to a well-diversified portfolio are usually attributed to the respectable risk-return profile of real estate investment together with the relatively low correlation between its returns and the returns of other financial assets. By using the regime-switching technique on an extensive historical dataset, we attempt to look for the statistical evidence for such a claim. Unfortunately, the empirical support for the claim is neither strong nor universal. We find that any statistically significant improvement in risk-adjusted return is very much limited to the bullish environment of the real estate market. In general, the diversification benefit is not found to be statistically significant unless investors are relatively risk averse. We also document a regime-switching behavior of real estate returns similar to those found in other financial assets. There are two distinct states of the real estate market. The low-return (high-return) state is characterized by its high (low) volatility and its high (low) correlations with the stock market returns. We find this kind of dynamic risk characteristics to play a crucial role in dictating the diversification benefit from real estate investment.