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A Spatial Autoregressive Specification with a Comparable Sales Weighting Scheme

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  • Claude Besner

    () (University of Quebec at Montreal, Montreal, Quebec, Canada, H3C4R2)

Abstract

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 variable’s similarity components generate anisotropies that deform concentric circles of spatial dependence so as to designate the influence exerted by ‘‘comparables.’’ 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.

Suggested Citation

  • Claude Besner, 2002. "A Spatial Autoregressive Specification with a Comparable Sales Weighting Scheme," Journal of Real Estate Research, American Real Estate Society, vol. 24(2), pages 193-212.
  • Handle: RePEc:jre:issued:v:24:n:2:2002:p:193-212
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
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    Cited by:

    1. Walsh, Patrick & Griffiths, Charles & Guignet, Dennis & Klemick, Heather, 2017. "Modeling the Property Price Impact of Water Quality in 14 Chesapeake Bay Counties," Ecological Economics, Elsevier, vol. 135(C), pages 103-113.
    2. John A. Kilpatrick & Ronald C. Throupe & John I. Carruthers & Andrew Krause, 2007. "The Impact of Transit Corridors on Residential Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 303-320.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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