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Hedonic Prices for Co-operative Flats in the City of Umeå estimated with Spatial Autoregressive GMM

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  • Jörgen Johansson
  • Krister Sandberg

Abstract

This paper explains the hedonic prices for co-operative flats in the city of Umeå, Sweden during 1998 and 1999. Structural and neighbourhood characteristics together with accessibility measures are used as attributes in the hedonic price function. Since there are indications of spatial dependence the OLS model is inappropriate. Instead a spatial econometric approach with Spatial Autoregressive GMM estimation is used. Two attractive nodes are found in the city. Thus there are sign supporting the view that Umeå has developed into a multi-nodal structure. Keywords: Hedonic prices, Co-operative flats, Spatial dependence, SAR-GMM JEL Classification: D46, D61, R20, R21

Suggested Citation

  • Jörgen Johansson & Krister Sandberg, 2001. "Hedonic Prices for Co-operative Flats in the City of UmeÃ¥ estimated with Spatial Autoregressive GMM," ERSA conference papers ersa01p111, European Regional Science Association.
    • Handle: RePEc:wiw:wiwrsa:ersa01p111
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    References listed on IDEAS

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    More about this item

    Keywords

    hedonic prices; co-operative flats; spatial dependence; sar-gmm jel classification: d46; d61; r20; r21;
    All these keywords.

    JEL classification:

    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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