A Spatial Autoregressive Specification with a Comparable Sales Weighting Scheme
This research incorporates a Spatial Autoregressive Variable with Similarity components (SARS) within a traditional hedonic model. The behavior of economic agents and the spatial dependence price structure are linked to the real estate appraisal paradigm. The SARS variableâ€™s similarity components generate anisotropies that deform concentric circles of spatial dependence so as to designate the influence exerted by â€˜â€˜comparables.â€™â€™ The incorporation of similarity components improves the predictive capacity and reduces the spatial dependence among residuals in the SAR model. The research determines for the Montreal Urban Community the underlying distance parameters of spatial dependence as well as anisotropic factors specific to price interdependence for two single-family house archetypes: the condominium and the individual house.
Volume (Year): 24 (2002)
Issue (Month): 2 ()
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- Mauricio Rodriguez & C.F. Sirmans & Allen P. Marks, 1995. "Using Geographic Information Systems to Improve Real Estate Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 163-174.
- Anas, Alex & Eum, Sung Jick, 1984. "Hedonic analysis of a housing market in disequilibrium," Journal of Urban Economics, Elsevier, vol. 15(1), pages 87-106, January.
- Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
- Pace, R Kelley & Barry, Ronald & Clapp, John M. & Rodriquez, Mauricio, 1998. "Spatiotemporal Autoregressive Models of Neighborhood Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 15-33, July.
- Pace, R Kelley & Gilley, Otis W, 1997. "Using the Spatial Configuration of the Data to Improve Estimation," The Journal of Real Estate Finance and Economics, Springer, vol. 14(3), pages 333-340, May.
- Clapp, John M & Rodriguez, Mauricio, 1999. "Erratum: Spatiotemporal Autoregressive Models of Neighborhood Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 19(1), pages 1-85, July.
- Anselin, Luc & Hudak, Sheri, 1992. "Spatial econometrics in practice : A review of software options," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 509-536, September.
- Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-222, Jan.-Marc.
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