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Nonparametric neural network modeling of hedonic prices in the housing market

  • Manuel Landajo

    ()

  • Celia Bilbao

    ()

  • Amelia Bilbao

    ()

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    No abstract is available for this item.

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    File URL: http://hdl.handle.net/10.1007/s00181-011-0485-9
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    Article provided by Springer in its journal Empirical Economics.

    Volume (Year): 42 (2012)
    Issue (Month): 3 (June)
    Pages: 987-1009

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    Handle: RePEc:spr:empeco:v:42:y:2012:i:3:p:987-1009
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    Order Information: Web: http://www.springer.com/economics/econometrics/journal/181/PS2

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    1. repec:dau:papers:123456789/6486 is not listed on IDEAS
    2. Racine, Jeff, 1997. "Consistent Significance Testing for Nonparametric Regression," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(3), pages 369-78, July.
    3. Hansen, Bruce E, 1996. "Inference When a Nuisance Parameter Is Not Identified under the Null Hypothesis," Econometrica, Econometric Society, vol. 64(2), pages 413-30, March.
    4. Ivar Ekeland & James Heckman & Lars Nesheim, 2002. "Identification and estimation of hedonic models," CeMMAP working papers CWP07/02, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.
    5. de Andres, Javier & Landajo, Manuel & Lorca, Pedro, 2005. "Forecasting business profitability by using classification techniques: A comparative analysis based on a Spanish case," European Journal of Operational Research, Elsevier, vol. 167(2), pages 518-542, December.
    6. Ivar Ekeland & James J. Heckman & Lars Nesheim, 2002. "Identifying Hedonic Models," American Economic Review, American Economic Association, vol. 92(2), pages 304-309, May.
    7. Bruce Curry & Peter Morgan & Mick Silver, 2001. "Hedonic regressions: mis-specification and neural networks," Applied Economics, Taylor & Francis Journals, vol. 33(5), pages 659-671.
    8. A. Quang Do & G. Grudnitski, 1993. "A Neural Network Analysis of the Effect of Age on Housing Values," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 253-264.
    9. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc.
    10. Bontemps, C. & Simioni, M. & Surry, Y., 2006. "Semiparametric hedonic price models : assessing the effects of agricultural nonpoint source pollution," Economics Working Paper Archive (Toulouse) 200602, French Institute for Agronomy Research (INRA), Economics Laboratory in Toulouse (ESR Toulouse).
    11. Bierens, H.J., 1989. "A consistent conditional moment test of functional form," Serie Research Memoranda 0064, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Murray, Michael P., 1983. "Mythical demands and mythical supplies for proper estimation of Rosen's hedonic price model," Journal of Urban Economics, Elsevier, vol. 14(3), pages 327-337, November.
    13. Pagan,Adrian & Ullah,Aman, 1999. "Nonparametric Econometrics," Cambridge Books, Cambridge University Press, number 9780521586115, November.
    14. 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..
    15. Carlos Martins-Filho & Okmyung Bin, 2005. "Estimation of hedonic price functions via additive nonparametric regression," Empirical Economics, Springer, vol. 30(1), pages 93-114, January.
    16. Hong, Yongmiao & White, Halbert, 1995. "Consistent Specification Testing via Nonparametric Series Regression," Econometrica, Econometric Society, vol. 63(5), pages 1133-59, September.
    17. Steven Peterson & Albert B. Flanagan, 2009. "Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 147-164.
    18. Jun, Sung Jae & Pinkse, Joris, 2009. "Semiparametric tests of conditional moment restrictions under weak or partial identification," Journal of Econometrics, Elsevier, vol. 152(1), pages 3-18, September.
    19. Limsombunchai, Visit, 2004. "House Price Prediction: Hedonic Price Model vs. Artificial Neural Network," 2004 Conference, June 25-26, 2004, Blenheim, New Zealand 97781, New Zealand Agricultural and Resource Economics Society.
    20. Pierre Desmet, 2000. "Hedonic Prices and Colinearity: An Empirical Comparison of Statistical and Neuronal Solutions," Post-Print halshs-00143422, HAL.
    21. Celia Bilbao & Amelia Bilbao & José Labeaga, 2010. "The welfare loss associated to characteristics of the goods: application to housing policy," Empirical Economics, Springer, vol. 38(2), pages 305-323, April.
    22. repec:dau:papers:123456789/3415 is not listed on IDEAS
    23. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
    24. Mendelsohn, Robert, 1984. "Estimating the Structural Equations of Implicit Markets and Household Production Functions," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 673-77, November.
    25. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
    26. Stinchcombe, Maxwell B. & White, Halbert, 1998. "Consistent Specification Testing With Nuisance Parameters Present Only Under The Alternative," Econometric Theory, Cambridge University Press, vol. 14(03), pages 295-325, June.
    27. Xiaohong Chen & Xiaotong Shen, 1998. "Sieve Extremum Estimates for Weakly Dependent Data," Econometrica, Econometric Society, vol. 66(2), pages 289-314, March.
    28. Elaine M. Worzala & Margarita Lenk & Ana Silva, 1995. "An Exploration of Neural Networks and Its Application to Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 185-202.
    29. Curry, B. & Morgan, P.H., 2006. "Model selection in Neural Networks: Some difficulties," European Journal of Operational Research, Elsevier, vol. 170(2), pages 567-577, April.
    30. Ohsfeldt, Robert L. & Smith, Barton A., 1990. "Calculating elasticities from structural parameters in implicit markets," Journal of Urban Economics, Elsevier, vol. 27(2), pages 212-221, March.
    31. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
    32. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February.
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