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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