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Parameterstabilität in hedonischen Bodenpreismodellen
[Stability of Parameters in Hedonic Urban Land Price Models]

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  • Wieser, Robert

Abstract

This paper examines the effects of different specifications, functional forms and estimation methods on the results in a hedonic land price analysis for Vienna. We investigate purchase price transactions with undeveloped residential buildings plots and demolition objects in the period 1987 to 2003 by applying a series of parametric estimation methods, such as OLS, Box-Cox, cluster-fixed effects or methods of spatial econometrics. The results are assessed on the basis of appropriate statistical tests. As the data structure is of the pooled-cross-section type, we experiment with suitable spatio-temporal weight matrices applied in the spatial models. We compare the results with the standard forms nearest neighbor and Delaunay. Overall, we find some very high fluctuation of individual parameters. Especially for spatial location attributes and neighborhood characteristics which are asymmetrically distributed in space an adequate modeling of spatial interdependencies or lack of spatial information seems to be crucial.

Suggested Citation

  • Wieser, Robert, 2009. "Parameterstabilität in hedonischen Bodenpreismodellen [Stability of Parameters in Hedonic Urban Land Price Models]," MPRA Paper 65859, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:65859
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    References listed on IDEAS

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    Cited by:

    1. Feigelfeld, Heidrun & Huber, Florian & Wieser, Robert, 2015. "Effects Of Urban Regeneration - Social/Structural-Spatial And Property Market," MPRA Paper 67629, University Library of Munich, Germany.

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    More about this item

    Keywords

    Hedonisches Bodenpreismodell; Spezifikation; Box-Cox Transformation; Spatial Models; Cluster-Effekte; Fixed Effects; Random Effects;
    All these keywords.

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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