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An Application of Spatial Econometrics in Relation to Hedonic House Price Modelling

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  • Liv Osland

    ()
    (Stord/Haugesund University College)

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    Abstract

    This paper applies spatial econometrics in relation to hedonic house price modelling. We present and use some basic acknowledged spatial model alternatives and a battery of relevant tests. Geographically weighted regression, semiparametric analysis, and the mixed spatial Durbin model are also applied. The purpose is to detect missing spatial variables, misspecified functional form and spatial heterogeneity in estimated parameters. Such misspecifications have been shown to give spurious results in relation to some frequently used directional based tests. We achieve significant model improvement, so the paper should be of general interest as an example of practical econometric modelling within the field.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol32n03/03.289_320.pdf
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    Bibliographic Info

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

    Volume (Year): 32 (2010)
    Issue (Month): 3 ()
    Pages: 289-320

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    Handle: RePEc:jre:issued:v:32:n:3:2010:p:289-320

    Contact details of provider:
    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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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    Cited by:
    1. Román Mínguez & José-María Montero & Gema Fernández-Avilés, 2013. "Measuring the impact of pollution on property prices in Madrid: objective versus subjective pollution indicators in spatial models," Journal of Geographical Systems, Springer, vol. 15(2), pages 169-191, April.
    2. Arnstein Gjestland & David McArthur & Liv Osland & Inge Thorsen, 2011. "Relationships between housing prices and commuting flows," ERSA conference papers ersa10p906, European Regional Science Association.
    3. Sánchez Navarro, Dennis, 2012. "Una propuesta metodológica para la definición de mercados geográficos relevantes
      [A proposed methodology for defining relevant geographic markets]
      ," MPRA Paper 44498, University Library of Munich, Germany.
    4. Hansen, Winslow D. & Naughton, Helen T., 2013. "The effects of a spruce bark beetle outbreak and wildfires on property values in the wildland–urban interface of south-central Alaska, USA," Ecological Economics, Elsevier, vol. 96(C), pages 141-154.
    5. López-Hernández , Fernando A. & Artal-Tur, Andrés & Maté-Sánchez-Val, M. Luz, 2011. "Identifying nonlinear spatial dependence patterns by using non-parametric tests: Evidence for the European Union," Investigaciones Regionales, Asociación Española de Ciencia Regional, issue 21, pages 19-36.
    6. Özyurt, Selin, 2014. "Spatial dependence in commercial property prices: micro evidence from the Netherlands," Working Paper Series 1627, European Central Bank.
    7. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 136-151.

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