Modelling Spatial Structures in Local Housing Market Dynamics: A Multilevel Perspective

Scott Orford
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Scott Orford: Department of City and Regional Planning, Cardiff University, Glamorgan Building, King Edward VAvenue, Cardiff, CF10 3WA, UK, orfords@cardiff.ac.uk

Urban Studies, 2000, vol. 37, issue 9, 1643-1671

Abstract: There has been a long history of research into the development and estimation of hedonic house price models. There is, however, a discrepancy between the empirical and theoretical approaches to this research. A major issue lies in the integration of the conceptual and theoretical models of local housing markets with the context-insensitive nature of the standard hedonic model specification. This paper explores this inconsistency by using multilevel modelling to move towards a more empirically and conceptually appealing specification of the hedonic house price model. It uses price data from Cardiff to investigate how a multilevel approach can explicitly incorporate the spatial structures of housing market dynamics and the ad hoc nature of the valuation process. The paper concludes that successful empirical analysis depends upon a clear theoretical understanding of the processes under investigation.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:37:y:2000:i:9:p:1643-1671

DOI: 10.1080/00420980020080301

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