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Interactive Property Valuations Author info | Abstract | Publisher info | Download info | Related research | Statistics Yannis Ioannides ()
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This paper develops a model of housing decisions which allows for social interactions within residential neighborhoods to impact homeowners' valuation of their own properties. The model is used to structure an empirical investigation with data from the American Housing Survey for 1985 and 1989. It explores in great detail a relatively neglected feature of the data, namely the availability of data of neighborhood clusters for standard metropolitan areas in the United States. This feature of the data allows us to model empirically the effects of social interactions at the immediate residential neighborhood level, with neighborhoods consisting of a dwelling unit and its ten nearest neighbors. Most previous work on neighborhoods has used contextual information associated with the census tract where a unit of observation belongs. It identifies the effect of endogenous social interactions and find that the impact of social interactions is much more important then the dynamic (autoregressive) structure of the model when both variables are present (but both are significant). The findings provide empirical support for the notion, common in the real estate world, of the importance of neighborhood characteristics in property valuations.
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Paper provided by Department of Economics, Tufts University in its series Discussion Papers Series, Department of Economics, Tufts University with number
0102.
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Date of creation: 2001Date of revision:
Handle: RePEc:tuf:tuftec:0102Contact details of provider: Postal: Medford, MA 02155, USA Phone: (617) 627-3560 Fax: (617) 627-3917 Web page: http://ase.tufts.edu/econ
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Keywords: neighborhood effects ; housing ; social interactions ; property valuations ; Other versions of this item:
Find related papers by JEL classification: R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
This paper has been announced in the following NEP Reports :
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Yannis M. Ioannides & Jeffrey E. Zabel, 2002.
"Interaction, Neighborhood Selection and Housing Demand ,"
Discussion Papers Series, Department of Economics, Tufts University
0208, Department of Economics, Tufts University.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Yannis M. Ioannides & Jeffrey E. Zabel, 2000.
"Neighborhood Effects and Housing Demand ,"
Discussion Papers Series, Department of Economics, Tufts University
0012, Department of Economics, Tufts University.
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Other versions: Drusilla K. Brown & Rajesh Chadha & Alan V. Deardorff & Robert M. Stern, 2001.
"Computational Analysis of the Impact on India of the Uruguay Round and the Forthcoming WTO Trade Negotiations ,"
Discussion Papers Series, Department of Economics, Tufts University
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Other versions:
Chadha, R. & Brown, D.K. & Deardorff, A.V. & Stern, R.M., 2000.
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William Davidson Institute Working Papers Series
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[Downloadable!] Yannis Ioannides, 2001.
"Neighborhood Income Distributions ,"
Discussion Papers Series, Department of Economics, Tufts University
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