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Semiparametric Construction of Spatial Generalized Hedonic Models for Private Properties

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Author Info
Stefan Sebastian Fahrlaender

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Abstract

This paper analyzes the empirical hedonic prices for non-standard condominiums and single family houses using nonparametric estimates as well as a generalized additive model for the spatial generalization of the attractiveness of all Swiss communities. We find that the assumption of log-linearity for continuous variables does not hold but can be replaced by partwise log-linear or quadratic terms. Due to the topographical segmentation of Switzerland, driving times seem to be more adequate than geographical distances to explain the price level of a village with the price level of its neighbours. We show, that using metric multidimensional scaling, the driving times between the villages can be converted into artificial coordinates with three principal axis to serve as a basis for the prediction of the macro-locations of the Swiss villages

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Publisher Info
Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp0507.

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Date of creation: Jun 2005
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Handle: RePEc:ube:dpvwib:dp0507

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Related research
Keywords: Hedonic prices; private property; Switzerland; robust regression; splines; multidimensional scaling;

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Find related papers by JEL classification:
C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation and Testing
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets

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References listed on IDEAS
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.:
  1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  2. Ekeland, Ivar & Heckman, James J. & Nesheim, Lars, 2003. "Identification and Estimation of Hedonic Models," IZA Discussion Papers 853, Institute for the Study of Labor (IZA). [Downloadable!]
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  3. John M. Clapp, 2004. "A Semiparametric Method for Estimating Local House Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 127-160, 03. [Downloadable!] (restricted)
  4. Jonathan Murray, 1999. "Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 6(1), pages 5-27, February. [Downloadable!] (restricted)
  5. Kinoshita, Tomio, 1987. "Working Hours and Hedonic Wages in the Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 95(6), pages 1262-77, December. [Downloadable!] (restricted)
  6. Bradford Case & John Clapp & Robin Dubin & Mauricio Rodriguez, 2004. "Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models," The Journal of Real Estate Finance and Economics, Springer, vol. 29(2), pages 167-191, 09. [Downloadable!]
  7. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research. [Downloadable!]
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(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.)

  1. Stefan S. Fahrlaender, 2006. "Indirect Construction of Hedonic Price Indexes: Empirical Evidence for Private Properties in Switzerland," Diskussionsschriften dp0601, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
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