Hedonic Prices for Co-operative Flats in the City of UmeÃ¥ estimated with Spatial Autoregressive GMM
This paper explains the hedonic prices for co-operative flats in the city of UmeÃ¥, 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 UmeÃ¥ has developed into a multi-nodal structure. Keywords: Hedonic prices, Co-operative flats, Spatial dependence, SAR-GMM JEL Classification: D46, D61, R20, R21
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