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

Osland, Liv

doi:10.1080/10835547.2010.12091282

Cited by 197 publications

(104 citation statements)

References 47 publications

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“…There are few papers on housing markets that apply the SDM. Exceptions are Brasington and Hite (2005), Osland (2010) and Fernandez-Aviles et al (2012). In general, there has been insufficient knowledge about the computation of these impacts and the interpretation of the results from the estimated SDM has frequently been misunderstood (LeSage and Fischer, 2008;Fischer et al, 2009).…”

Section: Introductionmentioning

confidence: 99%

“…One way of proceeding is to introduce specific spatial econometric models to account for the existing spatial effects in the residuals. As two alternative options, the spatial error model or the spatial lag model is commonly applied in these situations (Anselin, 1988;Osland, 2010). According to LeSage and Pace (2009), the spatial Durbin model (SDM) is more robust to various spatially related misspecifications.…”

Section: Introductionmentioning

confidence: 99%

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Spatial Impacts, Local Labour Market Characteristics and Housing Prices

Osland¹,

Thorsen²

2013

Urban Studies

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This paper takes as a starting-point a model where spatial variation in housing prices is explained by urban attraction and labour market accessibility effects.Using data from a region in south-west Norway, estimation results are found to be encumbered, however, with significant spatial effects. The spatial Durbin model is used to account for this and to provide estimates of direct and indirect impacts. In addition, hypotheses are tested that some of the spatial variation in housing prices reflects local labour market characteristics. Some support is found for a hypothesis that a model specification should account for sub-centres located at some distance from the central parts of the region. The indirect impacts estimated in the spatial Durbin model suggest that spatially related misspecifications of implicit elasticities in the ordinary least squares model are mainly due to negative externalities close to areas of high labour market accessibility.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Spatial Impacts, Local Labour Market Characteristics and Housing Prices

Osland¹,

Thorsen²

2013

Urban Studies

Self Cite

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“…Another possible reason may be omission of a spatially concentrated variable from the model specification. The extant studies utilize spatial econometric models to mitigate the consequences of spatial autocorrelation or to identify the omitted explanatory variables (Osland, 2010). The most frequently used procedure to identify the form of spatial autocorrelation is the one suggested by Anselin et al (1996).…”

Section: Hedonic Modelmentioning

confidence: 99%

Estimating price gradient in Bratislava with different distance measurements

Rehák

Káčer

2019

JERER

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Purpose This paper aims to analyse the price gradient of apartments in the city of Bratislava with different measurements of travel time and distance to the city centre. Design/methodology/approach The price gradient is analysed by means of a hedonic price model. To overcome the problem with spatial autocorrelation in the data, the authors apply a spatial error model. Findings The paper provides empirical insights into the size of the price gradient in the city of Bratislava. In addition, it suggests that even in the case of a city with complicated urban structure, Euclidean distance is the best proxy for distance to the city centre and it is not necessary to use a more demanding distance calculation in hedonic price models. Originality/value Price gradients are usually analysed in western European or American cities whose urban structure differ from the cities in central and eastern Europe. This paper is the first in which the price gradient is estimated with different measurements of time and distance to the city centre using a spatial econometric model.

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“…Dane przestrzenne charakteryzują się dwiema cechami, efektami przestrzennymi: autokorelacją przestrzenną oraz heterogenicznością przestrzenną (Anselin, 1988). Efekty te powinny być widoczne we wszystkich danych przekrojowych dotyczących rynku nieruchomości mieszkaniowych (Osland, 2010).…”

Section: Efekty Przestrzenneunclassified

“…W sytuacji gdy wielkość spadku nie jest uzależniona od kierunku, zależność jest izotropiczna i globalne parametry mogą zostać użyte w modelu. W sytuacji odmiennej, czyli zależności anizotropicznej, zależności hedoniczne (współczynnik regresji dla parametru odległość od centrum) nie są stałe w przestrzeni, stąd zależności są heterogeniczne (Osland, 2010).…”

Section: Efekty Przestrzenneunclassified

Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

Trojanek¹

2018

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In the book, an attempt was made to catalogue knowledge concerning the importance of research into the dynamics of housing prices for social and economic development. The analysis of the experience of countries with well-developed real estate markets in the aspect of building price indexes was carried out. Based on original databases of asking and transaction prices, price indexes were built, which were then subjected to numerous resistance tests. The aims of these research tasks were as follows: 1) to examine the quality of offers for sale as a source of information about changes in the real estate market, 2) to find out whether the repeat sales method can be used for building price indexes and to critically assess this method in terms of the stability of the obtained results, 3) to analyze hedonic methods and indicate the preferred one in terms of the ratio of the quality of results to how time-consuming and cost-intensive it is to build such indexes, 4) to establish the importance of methods and sources of information for building price indexes in different time horizons, 5) to identify how important it is for the fluctuation of price indexes if the cooperative property right to a flat is not taken into account. In order to perform the research tasks and accomplish the goals scopes of the work were defined. The subject followed the aim of the study and refers to prices in the secondary housing market, encompassing both the property right and cooperative property right to a flat or house. The broad scope concerns the discussion in the general part, being narrowed down to the secondary market of flats located in multi-family and single-family buildings. The time scope covers the years 2000-2015, which is connected to the range of empirical studies carried out. They focused both on actual transactions and on offers of flats for sale. On this basis, we built databases which served as the starting point for further analyses. The study involved transactions and offers in the area of Poznan.

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

Cited by 197 publications

References 47 publications

Spatial Impacts, Local Labour Market Characteristics and Housing Prices

Spatial Impacts, Local Labour Market Characteristics and Housing Prices

Estimating price gradient in Bratislava with different distance measurements

Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

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