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Moral hazard and adverse selection often exist in asymmetric information environment. In this paper, quality investment decision problem is studied under moral hazard. A basic model for quality investment level decision is developed with the supplier as a principal and the buyer as an agent. And then we regard the supplier and the buyer’s rational limitations to set up a model when the buyer’s quality evaluation and processing activities are hidden. The model is optimized and the results under different backgrounds are discussed and compared. Results show that the buyer’s quality evaluation level and processing level are mostly influenced by the supplier’s quality assurance payment. Both the supplier and the buyer choose different quality investment levels under moral hazard because of the supplier’s payment to the buyer in case of internal failure and external failure.

The purpose of this paper is to examine the buyer awareness and acceptance of environmental and energy efficiency measures in the New Zealand residential property markets. This study aims to provide a greater understanding of consumer behaviour in the residential property market in relation to green housing issues

The paper is based on an extensive survey of Christchurch real estate offices and was designed to gather data on the factors that were considered important by buyers in the residential property market. The survey was designed to allow these factors to be analysed on a socio‐economic basis and to compare buyer behaviour based on property values.

The results show that regardless of income levels, buyers still consider that the most important factor in the house purchase decision is the location of the property and price. Although the awareness of green housing issues and energy efficiency in housing is growing in the residential property market, it is only a major consideration for young and older buyers in the high income brackets and is only of some importance for all other buyer sectors of the residential property market. Many of the voluntary measures introduced by Governments to improve the energy efficiency of residential housing are still not considered important by buyers, indicating that a more mandatory approach may have to be undertaken to improve energy efficiency in the established housing market, as these measures are not valued by the buyer.

The paper confirms the variations in real estate buyer behaviour across the full range of residential property markets and the acceptance and awareness of green housing issues and measures. These results would be applicable to most established and transparent residential property markets.

The purpose of this paper is to provide affordable housing to low- and middle-income groups. The gravity of India’s housing affordability problem has led us to study and analyse the attributes hindering affordable housing for economically weaker section (EWS) and low-income group (LIG). The attributes such as viable parameters, economic parameters, location and communication, regulatory, source of finance, construction, services and infrastructure parameters affect the supply and demand of affordable housing in Indian urban areas for EWS and LIG with an annual household income below 2 lakhs.

The judgement sampling is used amongst housing and planning professionals working in five different sectors, including local authorities, housing developers, housing sectors, town planning and property/affordable housing consultant. The Analytical hierarchy process method of multi-criteria decision-making was used to analyse the data collected.

A detailed analysis of the data collected reveals that a viable parameter is the most governing attribute in the supply and demand process of developing affordable housing. Major reforms can be implemented at various levels of housing development in the urban area that can help in reducing the affordability gap for EWS/LIG. The suggested approach will be helpful for developers, urban planners and decision makers while designing an affordable housing project.

The model being proposed in this paper seeks for a proficient allotment of policies and assets, to some extent, by remedying the current market distortions and different inconsistencies that negatively influence the incentive structure of the affordable housing section in India. This paper offers a plan for a housing procedure that is applicable to all measurements of housing poverty and the groups that sustain it. In this way, the current study is, to a greater extent, a facilitator, and not an immediate solution of affordable housing.

The purpose of this paper is to present a brief analytical summary of the current downturn in the UK housing sector. It then aims to ask whether the severity of the slowdown and its eventual consequences have been exacerbated by key aspects of housing and welfare policy.

The paper examines: the promotion of property as an investment by successive UK governments since the Second World War; how the investment emphasis of policy enabled the promotion and growth of private rental partly funded through buy‐to‐let mortgages – a new financial product that allows individuals to take out a mortgage on a property for letting purposes; the expansion of cheap credit, due in part to the burgeoning securitised lending sector drawing heavily on housing equity (the decline of which is implicated in the current economic downturn); and reforms of the welfare system in the mid 1990s that have severely weakened the safety net for low‐income mortgage borrowers who are most vulnerable to market turbulence.

It was found that there are wider questions to be asked of the current downturn than how deep or how long the current recession will be. More important questions relate to the role that housing policy has played in exacerbating volatility and the future implications for modernizing housing policy.

The paper identifies a number of key research questions that follow from the analysis regarding the winners and losers of homeownership and the concomitant implications for policy.

The paper identifies areas of government failure relevant to the current crisis and knowledge gaps that need to be addressed in order to develop a coherent evidence base on which to base future reform of housing policy. As such, the findings will be of interest to policy makers and housing researchers.

Shared equity homeownership is a form of subsidised, resale-restricted housing through which lower-income households can sustain their affordability. This paper aims to distinguish two types of affordability within shared equity homeownership: “entry affordability” indicates how affordable subsidised housing is when a household first becomes a subsidised owner; while “exit affordability” means how affordable private housing is after a household has enjoyed subsidised homeownership for a period of time.

Using price-to-income ratios, this study compares the entry and exit affordability of shared equity homeownership programs in Australia, Mainland China, Hong Kong, Norway, the UK and the USA. Based on these international comparisons, this study generalises two distinct types of shared equity homeownership models, namely, the models of “share-to-buy” and “share forever”. A new model, “follow-as-you-go”, is further suggested to increase the elasticity of potential affordable housing supply by providing incentives for existing subsidised homeowners to move.

A key finding of this study is that while shared equity homeownership programs can improve entry affordability, homeowners’ exit affordability is weak when subsidised homeowners have to share their capital gain with the government. While many housing policy discussions around the world that support shared equity homeownership focus only on the improvement of entry affordability, these discussions usually ignore the importance of exit affordability. This study attempts to fill the void in the understanding of these two types of affordability.

Shared equity homeownership policy is not only about offering low-income households but also an affordable housing option. It is also about facilitating well-off subsidised homeowners to move up the housing ladder so that the affordable housing option can be freed up for others in need. In a word, it is not only entry affordability but also exit affordability that matters.

The purpose of this paper is to investigate buyers' perceptions and preferences for three different packaging formats of low-priced wines existing in the Chilean market: Brick Liquid Carton, Traditional Glass Bottle (0.75 L), and Magnum Glass Bottle (1.5 L). Since differences between these packaging formats do not permit a comparison of intrinsic packaging attributes, a consumer-centered perspective was adopted, with consumption occasion, perceived packages properties and demographic characteristics used as explanatory variables.

Data were collected through the administration of an online structured questionnaire. The study sample consisted of 433 low-income wine buyers who declared to buy low-priced wine in different package formats.

Findings reveal that preferences for different packaging options of low-priced wines vary depending on consumption occasion and that there are marginal effects of gender and age on these preferences. Also, results show that buyers' associations of different formats to relevant features are not equal, with perceived differences observed not only in features related to intrinsic package properties but also in terms of the properties of the wine they contain.

The results of this study have several implications for managers in the wine industry. First, and as preferences for alternative formats depend on the consumption occasion, marketing campaigns reinforcing these preferences or showing alternative occasions can be adopted. Second, the BLC format seems to be more accepted by younger consumers, and thus focusing on this segment can be a good alternative for companies selling wine in this format. Finally, firms selling wine in alternative package formats should try to educate or inform consumers about the marginal or null impact of packages on wine properties.

The study sheds light on the perceptions and preferences for alternative package formats within the wine industry, a topic that has been scantly explored. Specifically, it provides valuable marketing insights regarding the impact of consumption occasion on these preferences and the main features associated with the studied formats.

This paper aims to investigate the impact of perceived risk, ethical judgement, value consciousness, susceptibility to social influence and neutralisation on counterfeit clothes and accessories purchase intention in Egypt.

A single cross-sectional survey was conducted. Questionnaires were used to collect data from 361 counterfeit buyers in Egypt. To test the hypotheses, partial least squares-structural equation model was applied.

The results indicate that neutralisation, perceived risk and susceptibility to social influence significantly impact attitudes towards counterfeiting and purchase intentions, whereas value consciousness impacts counterfeit purchase intention. In addition, attitudes mediate the effects of perceived risk, susceptibility to social influence and neutralisation on purchase intention.

Brand producers/retailers and the government need to adhere to a number of practices to curb counterfeit demand, mainly by tackling the neutralisation’s impacts, demonstrating various risks of counterfeiting and developing a collective attitude against counterfeiting.

This study contributes to the ethical decision-making literature by empirically testing and quantifying the impact of neutralisation on shaping counterfeit buyers’ attitudes and purchase intention.

This paper aims to explore the impact of the joint operation of affordability policies and whether their impact is meaningful relative to the size of the affordability crisis. Its purpose is to construct the features of a comprehensive policy package linked to a measurable outcome: solving the affordability crisis in Auckland. This study investigates the scale and nature of an affordability package that responds to three research and policy questions: What should the rate of annual growth of affordable housing be to solve the affordability crisis? Consequently, how long would it take to solve it? And how much would that policy package cost?

In this paper, the authors argue that the disjoint operation of affordability policies is one of the reasons why their impacts relative to the size of the affordability crisis has been small or negligible. Furthermore, this study demonstrates that affordability is as much about raising households’ incomes as it is about lowering housing prices. This study uses a modelling-based framework to simulate some of the levers that local and central governments have to affect housing prices and affordability: direct intervention on the supply-side and subsidies. Specifically, this simulates retention-and-targeting (RT) programs and subsidies to raise deposits via shared ownership (SO) schemes.

This study finds that solving the affordability crisis would take a decade if the supply of affordable housing increases by at least 45% annually. With the introduction of RT and SO programs, it could still be solved within a decade, where the required growth rate decreases to 35%. However, for growth rates between 5% and 10%, the policy goal is met in approximately 40 years, and the SO program becomes exceedingly expensive.

Housing affordability is one of the hottest policy issues in New Zealand and the developed world. In the past decade, a number of affordability policies have been introduced with limited success due to their lack of interoperability and siloed efforts. Results in this paper should be interpreted as the boundaries of what is feasible and realistic in the realm of affordability policies. Therefore, its contribution relies on investigating the multiple effects if the financial, administrative and political barriers to RT and SO programs could be overcome. Its scope is a blueprint for the design of policies in other cities where unaffordability has become extreme.

This paper aims to assess the overall social housing development, point out factors affecting it and propose some policy implications for social housing development.

The research investigated investors, credit institutions and officials involved in social housing development. Bac Ninh province currently has 51 social housing projects that have been and are being implemented. The hypothetical regression model has seven latent variables and is tested by the criteria through the SPSS25.0 software.

There are 29 factors belonging to seven groups affecting housing development. Their impact rates range from 3.47% to 30.25%.

The study has only identified the factors affecting social housing development but has not undertaken an in-depth assessment of its development status and forecast for the future. Therefore, this gap needs to be further studied. The proposed research method could also be applied when researching social housing developments in other countries around the world.

To develop social housing to meet the needs of the real estate market, it is necessary to improve the policies that have the strongest impact first. Then, it is necessary to improve the factors with a smaller impact.

The study proposes policy implications for faster housing development for low-income people that improve their living standards.

To the best of the authors’ knowledge, the paper has studied for the first time social housing development and the factors affecting it. The paper also shows the level of their impact so that priority policies can be applied to each factor.

The purpose of this paper is to analyse the effect of attitudes and socio-demographics on wine consumers’ real purchase behaviour for organic wine.

This study is based on GfK household panel data, a real market data source of high population coverage. A two-part fractional model was applied as two distinct categories of wine buyers were observed. The first part of the two-part fractional model consisted of a standard binary choice model and defined the likelihood of belonging to the group of organic wine buyers. The second part of the model only took organic wine buyers into account and described their purchase intensity.

Preferences for organic products and sustainability concerns (e.g. environmental and social concerns) drive organic wine purchases. Proving a causal relation between attitudes and purchase behaviour gives evidence that stated preferences are a reliable indicator to predict consumer behaviour. However, the weak relation between attitudes and behaviour confirms the existence of an attitude-behaviour gap.

Quality benefits of organic wine production need to be communicated to attract new customers. Stronger focus should be put on sustainability issues with the aim of encouraging organic customers to also increase their expenditures for organic wine.

The influence of sustainability concerns on purchase behaviour is still controversial and no study, so far, has analysed real purchase data for organic wine. The results provide new insights on why attitudes do not fully transform into purchase behaviour.