Capturing Heterogeneity in Preference for a Real-Estate Offering Using Hierarchical Bayesian Regression Model

Kanupriya Katyal () and Jagrook Dawra
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Kanupriya Katyal: Goa Institute of Management
Jagrook Dawra: Indian Institute of Management

Journal of Real Estate Research, 2016, vol. 38, issue 2, 291-320

Abstract: Consumers have dissimilar preferences. Real estate researchers have acknowledged that needs and wants differ among consumers. Creation of different real estate offerings with different attributes and the creation of various communication messages are consequences of this heterogeneity. Our study helps both the real estate developer and the real estate marketer (or broker). This paper captures consumer heterogeneity using the Hierarchical Bayesian regression model. Our model explains how Bayesian regression can be used to study both observed and unobserved consumer heterogeneity in preference. We also examine heterogeneity at the individual level. We study the elite Indian real estate consumers’ preferences for features internal to an apartment as well as external to it.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2016
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