Estimation of Hedonic Models Using a Multilevel Approach: An Application for the Swiss Rental Market
AbstractThis paper is an empirical application of a hedonic model to determine rents in Switzerland. Unlike traditional hedonic models, we take account of the fact that data are clustered at different levels. The resulting spatial autocorrelation and heterogeneity permits a consideration of different submarkets within Switzerland. For the empirical analysis, we consider the special case of the clustering of apartments at municipality level. Our results show that even after controlling for housing and locational attributes, a significant part of rental differences are still attributable to municipality differences.
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Bibliographic InfoArticle provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.
Volume (Year): 144 (2008)
Issue (Month): IV (December)
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hedonic model; rental market; multilevel modelling;
Find related papers by JEL classification:
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
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