SEARCHING FOR HOUSING SUBMARKETS USING MIXTURES OF LINEAR MODELS

M.D. Ugarte, T. Goicoa and A.F. Militino

A chapter in Spatial and Spatiotemporal Econometrics, 2004, pp 259-276 from Emerald Group Publishing Limited

Abstract: This paper presents a mixture of linear models (or hedonic regressions) for defining housing submarkets. Two different mixture models are considered: the first model allows all the regression coefficients to vary among the clusters (random coefficients); and the second model allows only the intercept term to change (random intercept). The model with a random intercept can be seen as a linear mixed model where the random effects distribution is estimated via non-parametric maximum likelihood (NPML). The models are illustrated using a real data set of 293 properties in Pamplona, Spain. These mixture models provide a classification of the dwellings into homogeneous groups that determine the structure of the submarkets.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aecozz:s0731-9053(04)18008-0

DOI: 10.1016/S0731-9053(04)18008-0

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