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An Application of Spatial Econometrics in Relation to Hedonic House Price Modelling

Author

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  • Liv Osland

    (Stord/Haugesund University College)

Abstract

This paper applies spatial econometrics in relation to hedonic house price modelling. We present and use some basic acknowledged spatial model alternatives and a battery of relevant tests. Geographically weighted regression, semiparametric analysis, and the mixed spatial Durbin model are also applied. The purpose is to detect missing spatial variables, misspecified functional form and spatial heterogeneity in estimated parameters. Such misspecifications have been shown to give spurious results in relation to some frequently used directional based tests. We achieve significant model improvement, so the paper should be of general interest as an example of practical econometric modelling within the field.

Suggested Citation

  • Liv Osland, 2010. "An Application of Spatial Econometrics in Relation to Hedonic House Price Modelling," Journal of Real Estate Research, American Real Estate Society, vol. 32(3), pages 289-320.
    • Handle: RePEc:jre:issued:v:32:n:3:2010:p:289-320
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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