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Spatial Transferability of Hedonic House Price Functions

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  • David Philip McArthur
  • Liv Osland
  • Inge Thorsen
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    Abstract

    M cA rthur D. P., O sland L. and T horsen I. Spatial transferability of hedonic house price functions, Regional Studies . The aim of this paper is to investigate whether it is possible to use parameter estimates from a hedonic function estimated in one region to make reliable predictions in another region. Two regions in south-west Norway are taken as the example. Focus is placed on the stability and transferability of parameters attached to two measures of spatial structure: proximity to the central business district (CBD) and accessibility to the labour market. In making this judgement, classical statistical tests are employed alongside equivalence testing. The conclusions are that predictions made using transferred spatial structure parameters were equivalent given the chosen tolerance level. M cA rthur D. P., O sland L. et T horsen I. La transférabilité géographique des fonctions hédoniques des prix du logement, Regional Studies . Cet article cherche à examiner si, oui ou non, on peut employer des estimations paramétriques à partir d'une fonction hédonique estimée dans une région particulière afin de prévoir exactement dans d'autres régions. Deux régions situées dans le sud-ouest de la Norvège servent d'études de cas. On met l'accent sur la stabilité et la transférabilité des paramètres attachés à deux mesures de la structure géographique: la proximité de la zone commerciale centrale (Central Business District; CBD) et l'accessibilité du marché du travail. En prononcant ce jugement, on emploie des tests statistiques classiques conjointement avec des tests d'équivalence. On conclut que les prévisions faites à partir des paramètres transférés de la structure géographique étaient équivalentes étant donné le niveau de tolérance choisi. Modèles hédoniques Transférabilité géographique Tests d'équivalence Stabilité paramétrique M cA rthur D. P., O sland L. und T horsen I. Räumliche Übertragbarkeit von hedonischen Hauspreisfunktionen, Regional Studies . In diesem Beitrag wird untersucht, ob sich Parameter-Schätzungen einer hedonischen Funktion, die in einer Region vorgenommen wurden, für zuverlässige Prognosen in einer anderen Region nutzen lassen. Als Beispiel dienen zwei Regionen im Südwesten Norwegens. Der Schwerpunkt liegt auf der Stabilität und Übertragbarkeit der Parameter für die beiden Maßstäbe der Raumstruktur: die Nähe zum zentralen Geschäftsdistrikt und die Zugänglichkeit des Arbeitsmarkts. Für dieses Urteil kommen klassische statistische Tests gemeinsam mit Äquivalenztests zum Einsatz. Wir kommen zum Schluss, dass Prognosen, die mit Hilfe von übertragenen Parametern der Raumstruktur vorgenommen wurden, innerhalb des gewählten Toleranzbereichs äquivalent ausfielen. Hedonische Modelle Räumliche Übertragbarkeit Äquivalenztest Stabilität von Parametern M cA rthur D. P., O sland L. y T horsen I. Transferibilidad espacial de las funciones de precios hedónicos de la vivienda, Regional Studies . El objetivo de este artículo es investigar si es posible utilizar estimaciones de parámetros de una función hedónica calculada en una región para hacer predicciones fiables en otra región. Se toman como ejemplos dos regiones del suroeste de Noruega. Nos fijamos en la estabilidad y transferibilidad de los parámetros para dos medidas de la estructura espacial: la proximidad al distrito comercial central y la accesibilidad al mercado laboral. Para hacer esta evaluación empleamos pruebas estadísticas clásicas junto con un test de equivalencia. Llegamos a la conclusión de que las predicciones realizadas usando parámetros transferidos de la estructura espacial eran equivalentes teniendo en cuenta el nivel de tolerancia elegido. Modelos hedónicos Transferibilidad espacial Prueba de equivalencia Estabilidad de parámetros

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    File URL: http://hdl.handle.net/10.1080/00343404.2010.521147
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Regional Studies.

    Volume (Year): 46 (2012)
    Issue (Month): 5 (August)
    Pages: 597-610

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    Handle: RePEc:taf:regstd:v:46:y:2012:i:5:p:597-610

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    Cited by:
    1. 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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