Specification and estimation of hedonic housing price models

Can, Ayşe

doi:10.1016/0166-0462(92)90039-4

Cited by 472 publications

(317 citation statements)

References 30 publications

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“…A utilização de multimercados e entre períodos proposta por Witte et al (1979), Palmquist (1984), Kahn e Lang (1988) Por conseguinte, outra questão trazida pela literatura de preços hedô-nicos reside no fato de que, por conta dos dados serem inerentemente espaciais, eles costumam ser espacialmente dependentes. Portanto, melhor análise pode ser fornecida quando o tratamento se dá por um método que considere a importância do espaço (Can, 1990(Can, , 1992Anselin, 1998), pois não considerar o efeito espacial no modelo econométrico afeta a magnitude das estimativas, sua signifi cância, bem como pode levar à má interpretação dos testes e heterocedasticidade (Anselin, 2003). Assim, a incorporação do espaço torna a análise mais realística e robusta (Furtado, 2009).…”

Section: Abordagem Empírica Do Modelo De Preços Hedônicosunclassified

“…(1979) e sugerida por Epple (1987), juntamente com a de proposta de Ekeland, Heckman e Neshein (2005) de mercados únicos. Agrega--se à avaliação empírica a questão espacial inerente ao objeto considerado na análise (imóveis), como destacado por Can (1992Can ( , 1998 e Anselin (1998). E nesse ponto em específi co o trabalho se torna metodologicamente relevante, pois aplica ao modelo de 2 estágios de Rosen uma abordagem de econometria espacial.…”

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O mercado imobiliário residencial no município de São Paulo: uma abordagem de preços hedônicos espacial

Campos

2017

Nova econ.

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Resumo Um dos méritos da abordagem de preços hedô-nicos é poder estimar preços implícitos de carac- AbstractOne of the merits of hedonic prices treatment is its capacity to estimate implicit prices of characteristics that have not a specifi c market. For example, it is possible to estimate implicit characteristics of complex housing markets. The fi rst part of this paper is concerned with the microfoundations of AMM and AMM with amenity models. Using hedonic prices jointly with spatial econometrics estimation I intend to estimate the willingness of consumers to pay for house characteristics and amenities in the São Paulo housing market taking into account consumer profi le.

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Section: Abordagem Empírica Do Modelo De Preços Hedônicosunclassified

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O mercado imobiliário residencial no município de São Paulo: uma abordagem de preços hedônicos espacial

Campos

2017

Nova econ.

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“…Theory does not dictate a functional specification for hedonic price analyses [31], [32]. Because of this, several model specifications were tested to determine the most robust.…”

Section: Methodsmentioning

confidence: 99%

mpacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values

Perk¹,

Catala²,

Mantius³

et al. 2017

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Type of Report and Period Covered Sponsoring Agency Code Supplementary Notes AbstractAs bus rapid transit (BRT) grows in popularity in the United States, a better understanding of the mode's impacts on land uses and property values is needed. Economic theory suggests, and literature has shown, that people are willing to pay higher housing costs to lower their costs of transportation to areas of economic activity. Does high-quality BRT service reliably provide such access and, thereby, increase residential property values? The hypothesis is that property values are higher closer to BRT stations, reflecting a premium for the access provided by the BRT service to various goods, services, employment, education, and recreation. There has been some work on this topic outside of the U.S.; however, due to various cultural, social, and institutional differences, those experiences may not be applicable to U.S. property values. The literature includes, to date, very little work on U.S. BRT systems' impacts on property values using robust econometric techniques and/or spatial modeling. Further, because every BRT system is different, it is necessary to analyze additional case studies to provide a more robust understanding of how modern U.S. experiences with BRT services may affect surrounding property values. This research contributes to the relatively small body of literature on property value impacts of BRT in the U.S. by conducting a case study on Lane Transit District's EmX BRT service (Eugene, Oregon) using econometric modeling techniques to estimate changes in property values associated with the BRT. The analysis is based on hedonic price regression analysis, where sale prices are modeled using several property characteristics that contribute to the market or sale price. The findings of this research indicate that the EmX BRT system does positively impact surrounding single-family home sale prices. Results are statistically significant yet, as expected, relatively small in magnitude. An interesting finding is that the impact of the EmX stations on property values increased in each of the three periods examined in this study. For 2005 single-family home sales, the price increased $823 on average for every 100 meters closer to a station. In 2010, the marginal impact increased to an average of $1,056 for every 100 meters closer to a station. In 2016, every 100 meters closer to a station adds an average of $1,128 to a home's sale price. These results provide further insight into how BRT services can enhance the livability and economic development in a community, and provide policymakers and the transit industry throughout the U.S. with the best information possible to make informed transit investment decisions in their communities.

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“…A partir de esta teoría varios autores clasificaron las características de los inmuebles con el fin de evitar sesgos de especificación o errores de omisión de variables relevantes en los modelos. Fue así como Can (1992) clasificó los atributos del inmueble en: características estructurales, que son aquellas inherentes al bien; características del vecindario, que son las relacionadas con el entorno de la propiedad, y la fecha de recolección de datos, que es una numeración asociada a la fecha de la transacción comercial con el fin de evitar sesgos relacionados con el valor presente del inmueble. Por otra parte, autores como Basu y Thibodeau (1998) clasificaron los atributos del inmueble según aspectos relacionados con el terreno, el uso del suelo, las mejoras, la accesibilidad, la cercanía de externalidades y la época de recolección de los datos, todo esto con el fin de evitar problemas por omisión de variables relevantes en los modelos.…”

Section: Introductionunclassified

The Effect of a Sports Stadium on Housing Rents: An Application of Geographically Weighted Regression

Torres

Arbeláez

et al. 2015

ecos.econ

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Specification and estimation of hedonic housing price models

Cited by 472 publications

References 30 publications

O mercado imobiliário residencial no município de São Paulo: uma abordagem de preços hedônicos espacial

O mercado imobiliário residencial no município de São Paulo: uma abordagem de preços hedônicos espacial

mpacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values

The Effect of a Sports Stadium on Housing Rents: An Application of Geographically Weighted Regression

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