Hedonic Prices for Co-operative Flats in the City of Umeå estimated with Spatial Autoregressive GMM
AbstractThis paper explains the hedonic prices for co-operative flats in the city of Umeå, Sweden during 1998 and 1999. Structural and neighbourhood characteristics together with accessibility measures are used as attributes in the hedonic price function. Since there are indications of spatial dependence the OLS model is inappropriate. Instead a spatial econometric approach with Spatial Autoregressive GMM estimation is used. Two attractive nodes are found in the city. Thus there are sign supporting the view that Umeå has developed into a multi-nodal structure. Keywords: Hedonic prices, Co-operative flats, Spatial dependence, SAR-GMM JEL Classification: D46, D61, R20, R21
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Date of creation: Aug 2001
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Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
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