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Spatiotemporal Autoregressive Models of Neighborhood Effects

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Author Info
Pace, R Kelley, et al

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Abstract

Using 70,822 observations on housing prices from 1969 to 1991 from Fairfax County Virginia, this article demonstrates the substantial benefits obtained by modeling the spatial as well as the temporal dependence of the data. Specifically, the spatiotemporal autoregression with twelve variables reduced median absolute error by 37.35 percent relative to an indicator-based model with twenty-six variables. One-step ahead forecasts also document the improved performance of the proposed spatiotemporal model. In addition, the article illustrates techniques for rapidly computing the estimates and shows how to compute indices for any location. Copyright 1998 by Kluwer Academic Publishers

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File URL: http://journals.kluweronline.com/issn/0895-5638/contents
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Publisher Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 17 (1998)
Issue (Month): 1 (July)
Pages: 15-33
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:jrefec:v:17:y:1998:i:1:p:15-33

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Web page: http://www.springerlink.com/link.asp?id=102945

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  1. Geerte Cotteleer & Tracy Stobbe & G. Cornelis van Kooten, 2007. "Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values," Working Papers 2007-07, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group. [Downloadable!]
  2. Claude Besner, 2002. "A Spatial Autoregressive Specification with a Comparable Sales Weighting Scheme," Journal of Real Estate Research, American Real Estate Society, vol. 24(2), pages 193-212. [Downloadable!]
  3. David M. Brasington, 1999. "Which Measures of School Quality Does the Housing Market Value?," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 395-414. [Downloadable!]
  4. Yong Tu & Hua Sun & Shi-Ming Yu, 2007. "Spatial Autocorrelations and Urban Housing Market Segmentation," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 385-406, April. [Downloadable!] (restricted)
  5. Kuethe, Todd H. & Foster, Kenneth A. & Florax, Raymond J.G.M., 2008. "A Spatial Hedonic Model with Time-Varying Parameters: A New Method Using Flexible Least Squares," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6306, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Maurizio d’Amato, 2007. "Comparing Rough Set Theory with Multiple Regression Analysis as Automated Valuation Methodologies," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 42-65. [Downloadable!]
  7. Steven Bourassa & Eva Cantoni & Martin Hoesli, 2007. "Spatial Dependence, Housing Submarkets, and House Price Prediction," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 143-160, August. [Downloadable!] (restricted)
  8. Seow Ong & Poh Neo & Yong Tu, 2008. "Foreclosure Sales: The Effects of Price Expectations, Volatility and Equity Losses," The Journal of Real Estate Finance and Economics, Springer, vol. 36(3), pages 265-287, April. [Downloadable!] (restricted)
  9. Hua Sun & Yong Tu & Shi-Ming Yu, 2005. "A Spatio-Temporal Autoregressive Model for Multi-Unit Residential Market Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 155-187, September. [Downloadable!] (restricted)
  10. Min Hwang & John Quigley, 2002. "Price Discovery in Time and Space: The Course of Condominium Prices in Singapore," Department of Economics, Working Paper Series 1040, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
    Other versions:
  11. Nappi-Choulet, Ingrid & Maury, Tristan-Pierre, 2009. "A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market," ESSEC Working Papers DR 09004, ESSEC Research Center, ESSEC Business School. [Downloadable!]
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