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

Journal of Real Estate Finance and Economics

Volumn 41, Issue 4, 2010, Pages 390-411

  Brunauer, W A ^a   Lang, S ^b   Wechselberger, P ^b   Bienert, S ^c  

^a IRG Immobilien Rating GmbH   (Austria)

^b UNIVERSITY OF INNSBRUCK   (Austria)

^c KPMG   (Netherlands)

Author keywords

Hedonic regression; Multiplicative spatial scaling factors; P splines; Semiparametric models; Submarkets

Indexed keywords

EID: 79251645016     PISSN: 08955638     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11146-009-9177-z     Document Type: Article

References (42)

1. Anglin, P., & Gençay, R. (1996). Semiparametric estimation of a hedonic price function. Journal of Applied Econometrics, 11(6), 633-648.
2. Anselin, L. (1988). Spatial econometrics: Methods and models. Dordrecht: Kluwer.
3. Anselin, L. (2003). Spatial externalities, spatial multipliers and spatial econometrics. International Regional Science Review, 26, 153-166.
4. Anselin, L., Florax, R., & Rey, S. (2004). Advances in spatial econometrics: Methodology, tools and applications (Advances in Spatial Sciences). Berlin: Springer.
5. Basu, S., & Thibodeau, T. (1998). Analysis of spatial autocorrelation in house prices. Journal of Real Estate Finance and Economics, 17(1), 61-85.
6. Besag, J., & Kooperberg, C. (1995). On conditional and intrinsic autoregressions. Biometrika, 82, 733-746.
7. Brezger, A., & Lang, S. (2006). Generalized structured additive regression based on Bayesian P-splines. Computational Statistics and Data Analysis, 50, 967-991.
8. Brezger, A., Kneib, T., & Lang, S. (2005a). Bayesx: analyzing Bayesian structured additive regression models. Journal of Statistical Software, 14, 1-22.
9. Brezger, A., Kneib, T., Lang, S. (2005b). Bayesx manuals. Technical Report, Department of Statistics, University of Munich. Available at: http://www. stat. uni-muenchen. de/~bayesx.
10. Clapp, J. M. (2003). A semiparametric method for valuing residential locations: application to automated valuation. Journal of Real Estate Finance and Economics, 27(3), 303-320.
11. Clapp, J. M. (2004). A semiparametric method for estimating local house price indices. Real Estate Economics, 32(1), 127-160.
12. Clapp, J. M., Kim, H.-J., & Gelfand, A. E. (2002). Predicting spatial patterns of house prices using LPR and Bayesian smoothing. Real Estate Economics, 30(4), 505-532.
13. Court, A. T. (1939). Hedonic price indexes with automotive examples. The Dynamics of Automobile Demand. New York: General Motors.
14. De Boor, C. (2001). A practical guide to splines. New York: Springer.
15. Diggle, P. J., & Ribeiro, P. J. (2007). Model-based geostatistics. New York: Springer.
16. Eilers, P., & Marx, B. (1996). Flexible smoothing with B-splines and penalties. Statistical Science, 11(2), 89-121.
17. Fahrmeir, L., Kneib, T., & Lang, S. (2004). Penalized additive regression for space-time data: a Bayesian perspective. Statistica Sinica, 14, 731-761.
18. Fahrmeir, L., Kneib, T., & Lang, S. (2007). Regression. Modelle, Methoden und Anwendungen. Berlin: Springer.
19. Follain, J., & Jimenez, E. (1985). Estimating the demand for housing characteristics: a survey and critique. Regional Science and Urban Economics, 15(1), 77-107.
20. Fotheringham, A. S., Brundson, C., & Charlton, M. E. (2002). Geographically weighted regression: The analysis of spatially varying relationships. Chichester: Wiley.
21. Griliches, Z. (1971). Price indexes and quality change: Studies in new methods of measurement. Cambridge, MA: Harvard University Press.
22. Kamman, E. E., & Wand, M. P. (2003). Geoadditive models. Journal of the Royal Statistical Society C, 52, 1-18.
23. Lancaster, K. (1966). A new approach to consumer theory. Journal of Political Economy, 74, 132-157.
24. Lang, S., & Brezger, A. (2004). Bayesian P-Splines. Journal of Computational and Graphical Statistics, 13, 183-212.
25. LeSage, J. P. (1999). The theory and practice of spatial econometrics. University of Toledo: Unpublished Manuscript.
26. LeSage, J. P., & Pace, R. K. (eds). (2004). Spatial and spatiotemporal econometrics (Advances in Econometrics). Oxford: Elsevier.
27. Malpezzi, S. (2002). Hedonic pricing models: A selective and applied review. Prepared for: Housing Economics: Essays in Honor of Duncan Maclennan.
28. Martins-Filho, C., & Bin, O. (2005). Estimation of hedonic price functions via additive nonparametric regression. Empirical Economics, 30, 93-114.
29. Mason, C., & Quigley, J. M. (1996). Non-parametric hedonic housing prices. Housing Studies, 11(3), 373-385.
30. McMillen, D. P. (2003). Spatial autocorrelation or misspecification? International Regional Science Review, 26, 591-612.
31. MRG. (1981). Bundesgesetz vom 12. November 1981 über das Mietrecht - MRG. BGBI. Nr. 520/1981 i. d. F. BGBI. Nr. I/124/2006.
32. Pace, R. K. (1995). Hedonic prices and public goods: an argument for weighting locational attributes in hedonic regressions by lot size. Journal of Urban Economics, 12, 177-201.
33. Pace, R. K. (1998). Appraisal using generalized additive models. Journal of Real Estate Research, 15, 77-99.
34. Parmeter, C. F., Henderson, D. J., & Kumbhakar, S. C. (2007). Nonparametric estimation of a hedonic price function. Journal of Applied Econometrics, 22(3), 695-699.
35. Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34-55.
36. Ruppert, D., Wand, M. P. and Carroll, R. J. (2003). Semiparametric regression. Cambridge University Press.
37. Sheppard, S. (1999). Hedonic analysis of housing markets. In: Paul C. Chesire and Edwin S. Mills (eds.). Handbook of Regional and Urban Economics, 3, 1595-1635.
38. Sirmans, G., Macpherson, D., & Zietz, E. (2005). The composition of hedonic pricing models. Journal of Real Estate Literature, 13(1), 3-43.
39. Wallace, N. (1996). Hedonic-based price indexes for housing: theory, estimation, and index construction. Federal Reserve Bank of San Francisco Economic Review, 3, 34-48.
40. Wood, S. (2006a). An Introduction to Generalized Additive Models with R. Taylor & Francis Ltd.
41. Wood, S. (2006b). Low-Rank scale-invariant tensor product smooths for generalized additive mixed models. Biometrics, 62(4), 1025-1036.
42. Wood, S. N., Bravington, M. V., & Hedley, S. L. (2008). Soap film smoothing. Journal of the Royal Statistical Society B, 70(5), 931-955.