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Housing Price Gradients in a Region with One Dominating Center

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  • Liv Osland

    ()
    (Stord/Haugesund University College,Bjørnsonsgt. 45, 5528 Haugesund, Norway)

  • Inge Thorsen

    (Stord/Haugesund University College, Bjørnsonsgt. 45, 5528 Haugesund, Norway)

  • Jens Petter Gitlesen

    (University of Stavanger, 4036 Stavanger, Norway)

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    Abstract

    This paper primarily focuses on predicting housing price gradients in a Norwegian region with one dominating center. Spatial separation is represented by a function of the traveling distance from the city center in a traditional hedonic regression equation. Several functions are tested, and some alternatives provide a satisfying goodness-of-fit, consistent coefficient estimates, and intuitively reasonable predictions of housing price gradients. Still, not all commonly used functions are recommended. The findings also indicate that the strength of spatial autocorrelation is reduced when the hedonic function is properly specified.

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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 29 (2007)
    Issue (Month): 3 ()
    Pages: 321-346

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    Handle: RePEc:jre:issued:v:29:n:3:2007:p:321-346

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    1. T J Fik & G F Mulligan, 1998. "Functional form and spatial interaction models," Environment and Planning A, Pion Ltd, London, vol. 30(8), pages 1497-1507, August.
    2. Timothy J. Bartik & V. Kerry Smith, 1996. "Urban Amenities and Public Policy," Book chapters authored by Upjohn Institute researchers, in: V. Kerry Smith (ed.), Estimating Economic Values for Nature: Methods for Non-Market Valuation, pages 271-318 W.E. Upjohn Institute for Employment Research.
    3. Coulson, E., 1990. "Really Useful Tests Of The Monocentric Model," Papers 1-90-5, Pennsylvania State - Department of Economics.
    4. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
    5. Clapp, John M, 2003. "A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation," The Journal of Real Estate Finance and Economics, Springer, vol. 27(3), pages 303-20, November.
    6. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
    7. Florax, Raymond J. G. M. & Voortman, Roelf L. & Brouwer, Joost, 2002. "Spatial dimensions of precision agriculture: a spatial econometric analysis of millet yield on Sahelian coversands," Agricultural Economics, Blackwell, vol. 27(3), pages 425-443, November.
    8. E Heikkila & P Gordon & J I Kim & R B Peiser & H W Richardson & D Dale-Johnson, 1989. "What happened to the CBD-distance gradient?: land values in a policentric city," Environment and Planning A, Pion Ltd, London, vol. 21(2), pages 221-232, February.
    9. Waddell, Paul & Berry, Brian J L & Hoch, Irving, 1993. "Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 117-41, September.
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