Improved Estimators Of Hedonic Housing Price Models
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| Author | : Helen X. H. Bao |
| Publisher | : |
| Total Pages | : 26 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
In hedonic housing price modeling, real estate researchers and practitioners are often not completely ignorant about the parameters to be estimated. Experience and expertise usually provide them with tacit understanding of the likely values of the true parameters. Under this scenario the subjective knowledge about the parameter value can be incorporated as non-sample information in the hedonic price model. In this paper, we consider a class of Generalized Stein Variance Double k-class (GSVKK) estimators which allows real estate practitioners to introduce potentially useful information about the parameter values in the estimation of hedonic pricing models. The GSVKK estimator is a generalization of a family of shrinkage estimators introduced by Ohtani and Wan (2002, Econometric Reviews). Data from the Hong Kong real estate market are used to investigate the estimators' performance empirically. Compared with the traditional Ordinary Lease Squares approach, the GSVKK estimators have smaller predictive mean squared errors and lead to more precise parameter estimates. Some results on the theoretical properties of the GSVKK estimators are also presented.
| Author | : Andrea Baranzini |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 283 |
| Release | : 2008-09-20 |
| Genre | : Business & Economics |
| ISBN | : 0387768157 |
Cities are growing worldwide and their sprawl is increasingly challenged for its pressure on open spaces and environmental quality. Economic arguments can help to decide about the trade-off between preserving environmental quality and developing housing and business surfaces, provided the benefits of environmental quality are adequately quantified. To this end, this book focuses on the use and advancement of the “hedonic approach”, an economic valuation technique that analyses and quantifies the sources of rent and property price differentials. Starting from theoretical foundations, the hedonic approach is applied to the valuation of natural land use preservation and noise abatement measures, as well as to residential segregation and discrimination, extending the analysis to the role of the buyers and sellers' identity on housing market prices and to the issue of environmental justice.
| Author | : Richard Meese |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 1991 |
| Genre | : Housing |
| ISBN | : |
| Author | : Radek Silhavy |
| Publisher | : Springer Nature |
| Total Pages | : 1038 |
| Release | : 2023-01-03 |
| Genre | : Technology & Engineering |
| ISBN | : 3031214382 |
This book offers real-world data science and algorithm design topics linked to systems and software engineering. Furthermore, articles describing unique techniques in data science, algorithm design, and systems and software engineering are featured. This book is the second part of the refereed proceedings of the 6th Computational Methods in Systems and Software 2022 (CoMeSySo 2022). The CoMeSySo 2022 conference, which is being hosted online, is breaking down barriers. CoMeSySo 2022 aims to provide a worldwide venue for debate of the most recent high-quality research findings.
| Author | : Thomas G. Thibodeau |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 266 |
| Release | : 1997-03-31 |
| Genre | : Business & Economics |
| ISBN | : 9780792398837 |
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
| Author | : Mick Silver |
| Publisher | : International Monetary Fund |
| Total Pages | : 89 |
| Release | : 2016-11-16 |
| Genre | : Business & Economics |
| ISBN | : 1475555296 |
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
| Author | : John R. Knight |
| Publisher | : |
| Total Pages | : 332 |
| Release | : 1990 |
| Genre | : Housing |
| ISBN | : |
| Author | : Mick Silver |
| Publisher | : International Monetary Fund |
| Total Pages | : 89 |
| Release | : 2016-11-08 |
| Genre | : Business & Economics |
| ISBN | : 1475552246 |
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
| Author | : Brett Day |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 2003* |
| Genre | : Economics |
| ISBN | : |
| Author | : Catherine L. Kling |
| Publisher | : Routledge |
| Total Pages | : 1218 |
| Release | : 2019-01-22 |
| Genre | : Business & Economics |
| ISBN | : 1351903446 |
In this two volume collection the editors have chosen a sample of some of the most essential and inspirational articles and papers for understanding revealed preference methods to value environmental amenities. The papers cover the gamut of methods that are typically classified as revealed preference approaches - including: recreation demand models, hedonic methods, and averting behavior methods, as well as efforts to combine stated and revealed preferences. While this collection is far from exhaustive, the editors have included papers they believe will represent the state of the art in the theory and application of revealed preference methods, contribute to development of the state of the art, or raise fundamental challenges and insights that will drive the research agenda in the coming years.
