Estimating the demand for housing characteristics: A survey and critique

Follain, James R.; Jiménez, Emmanuel

doi:10.1016/0166-0462(85)90033-x

Cited by 205 publications

(75 citation statements)

References 43 publications

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“…The theoretical underpinnings are well described e.g. in Follain and Jimenez (1985) and Sheppard (1999). In his 2002 paper, Malpezzi presents a review of the hedonic price literature, and Sirmans et al (2005) provide a review of specifications and characteristics that have most frequently been used in hedonic pricing studies.…”

Section: Introductionmentioning

confidence: 99%

Additive Hedonic Regression Models with Spatial Scaling Factors: An Application for Rents in Vienna

Brunauer¹,

Lang²,

Wechselberger³

et al. 2009

J Real Estate Finan Econ

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. We apply additive mixed regression models (AMM) to estimate hedonic price equations. Terms of use: Documents in EconStor mayNon-linear effects of continuous covariates as well as a smooth time trend are modeled non-parametrically through P-splines. Unobserved district-specific heterogeneity is modeled in two ways: First, by location specific intercepts with the postal code serving as a location variable. Second, in order to permit spatial variation in the nonlinear price gradients, we introduce multiplicative scaling factors for nonlinear covariates. This allows highly nonlinear implicit price functions to vary within a regularized framework, accounting for district-specific spatial heterogeneity. Using this model extension, we find substantial spatial variation in house price gradients, leading to a considerable improvement of model quality and predictive power.

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Section: Introductionmentioning

confidence: 99%

Additive Hedonic Regression Models with Spatial Scaling Factors: An Application for Rents in Vienna

Brunauer¹,

Lang²,

Wechselberger³

et al. 2009

J Real Estate Finan Econ

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“…And second, to investigate welfare impacts by analysing the structure of demand for attributes (Follain and Jimenez (1985), Bresnahan and Gordon (1997)). …”

Section: Introductionmentioning

confidence: 99%

Australian wines in the British wine market: A hedonic price analysis

Steiner

2004

Agribusiness

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“…Follain (1985) elenca alguns trabalhos que debruçaram sobre o problema como Diamond e Smith (1985), Murray (1983), Ohsfeldt (1983). A fonte da simultaneidade pode vir da correlação do erro com alguma variável explicativa tanto na equação de demanda ou de oferta, uma vez que o preço e a quantidade são simultaneamente determinados; ou pode advir, ainda, da não linearidade da função de preços hedônicos.…”

Section: Abordagem Empírica Do Modelo De Preços Hedônicosunclassified

“…Considera-se que a resolução do problema depende dos pressupostos relativosà função de demanda e/ou oferta para a primeira fonte da simultaneidade e, quanto à segunda fonteapontada, técnicas de estimação (Follain, 1985). Uma compilação das fontes de endogeneidade pode ser encontrada em Epple (1987), o qual propõe o método de estimação dos preços hedônicos utilizando do modelo de multimercados.…”

Section: Abordagem Empírica Do Modelo De Preços Hedônicosunclassified

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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Estimating the demand for housing characteristics: A survey and critique

Cited by 205 publications

References 43 publications

Additive Hedonic Regression Models with Spatial Scaling Factors: An Application for Rents in Vienna

Additive Hedonic Regression Models with Spatial Scaling Factors: An Application for Rents in Vienna

Australian wines in the British wine market: A hedonic price analysis

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

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