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Predicting the Geography of House Prices

  • Bernard Fingleton

Prediction is difficult. In this paper we use panel data methods to make reasonably accurate shortterm ex-post predictions of house prices across 353 local authority areas in England. The issue of prediction over the longer term is also addressed, and a simple method that makes use of the dynamics embodied in New Economic geography theory is suggested as a possible way to approach the problem.

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File URL: http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0045.pdf
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Paper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0045.

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Date of creation: Feb 2010
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Handle: RePEc:cep:sercdp:0045
Contact details of provider: Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp

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  1. Hanson, G.H., 1999. "`Market Potential, Increasing Returns, and Geographic Concentration," Working Papers 439, Research Seminar in International Economics, University of Michigan.
  2. S. Brakman & H Garretsen & M. Schramm, 2003. "The Strategic Bombing of German Cities during World War II and its Impact for Germany," Working Papers 03-08, Utrecht School of Economics.
  3. Bernard Fingleton, 2008. "A Generalized Method of Moments Estimator for a Spatial Panel Model with an Endogenous Spatial Lag and Spatial Moving Average Errors," Spatial Economic Analysis, Taylor & Francis Journals, vol. 3(1), pages 27-44.
  4. Badi H. BALTAGI & Peter EGGER & Michael PFAFFERMAYR, 2007. "A Monte Carlo Study for Pure and Pretest Estimators of a Panel Data Model with Spatially Autocorrelated Disturbances," Annales d'Economie et de Statistique, ENSAE, issue 87-88, pages 11-38.
  5. Mark D. Partridge, 2005. "Does Income Distribution Affect U.S. State Economic Growth?," Journal of Regional Science, Wiley Blackwell, vol. 45(2), pages 363-394.
  6. Badi H. Baltagi & Dong Li, 2006. "Prediction in the Panel Data Model with Spatial Correlation: The Case of Liquor," Center for Policy Research Working Papers 84, Center for Policy Research, Maxwell School, Syracuse University.
  7. Bernard Fingleton, 2005. "Towards applied geographical economics: modelling relative wage rates, incomes and prices for the regions of Great Britain," Applied Economics, Taylor & Francis Journals, vol. 37(21), pages 2417-2428.
  8. S. Brakman & H Garretsen & M. Schramm, 2004. "The Spatial Distribution of Wages:Estimating the Helpman-Hanson model for Germany," Working Papers 03-09, Utrecht School of Economics.
  9. Bernard Fingleton, 2008. "Prediction Using Panel Data Regression with Spatial Random Effects," SERC Discussion Papers 0007, Spatial Economics Research Centre, LSE.
  10. Mario Larch & Janette Walde, 2009. "Finite sample properties of alternative GMM estimators for random effects models with spatially correlated errors," The Annals of Regional Science, Springer, vol. 43(2), pages 473-490, June.
  11. Kapoor, Mudit & Kelejian, Harry H. & Prucha, Ingmar R., 2007. "Panel data models with spatially correlated error components," Journal of Econometrics, Elsevier, vol. 140(1), pages 97-130, September.
  12. G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
  13. Kristian Behrens & Frédéric Robert-Nicoud, 2009. "Krugman's "Papers in Regional Science": The 100 dollar bill on the sidewalk is gone and the 2008 Nobel Prize well-deserved," Papers in Regional Science, Wiley Blackwell, vol. 88(2), pages 467-489, 06.
  14. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July.
  15. Baltagi, Badi H. & Song, Seuck Heun & Koh, Won, 2003. "Testing panel data regression models with spatial error correlation," Journal of Econometrics, Elsevier, vol. 117(1), pages 123-150, November.
  16. J. Barkley Rosser, 2009. "Introduction," Chapters, in: Handbook of Research on Complexity, chapter 1 Edward Elgar.
  17. Mutl, Jan & Pfaffermayr, Michael, 2008. "The Spatial Random Effects and the Spatial Fixed Effects Model. The Hausman Test in a Cliff and Ord Panel Model," Economics Series 229, Institute for Advanced Studies.
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