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Hedonic Prices for Co-operative Flats in the City of Umeå estimated with Spatial Autoregressive GMM

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  • Jörgen Johansson

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  • Krister Sandberg

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    Abstract

    This 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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    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa01p111.

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    Date of creation: Aug 2001
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    Handle: RePEc:wiw:wiwrsa:ersa01p111

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    1. Stephen Sheppard, 1998. "Hedonic Analysis of Housing Markets," Urban/Regional 9805001, EconWPA.
    2. P Bodson & D Peeters, 1975. "Estimation of the coefficients of a linear regression in the presence of spatial autocorrelation. An application to a Belgian labour-demand function," Environment and Planning A, Pion Ltd, London, vol. 7(4), pages 455-472, April.
    3. Blomquist, Glenn C & Berger, Mark C & Hoehn, John P, 1988. "New Estimates of Quality of Life in Urban Areas," American Economic Review, American Economic Association, vol. 78(1), pages 89-107, March.
    4. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
    5. Kelejian, Harry H & Prucha, Ingmar R, 1999. "A Generalized Moments Estimator for the Autoregressive Parameter in a Spatial Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 509-33, May.
    6. Cheshire, Paul & Sheppard, Stephen, 1995. "On the Price of Land and the Value of Amenities," Economica, London School of Economics and Political Science, vol. 62(246), pages 247-67, May.
    7. Peter F. Colwell, 1990. "Power Lines and Land Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 117-128.
    8. 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..
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