A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market
Ingrid Nappi-Choulet () and
Tristan-Pierre Maury ()
No DR 08008, ESSEC Working Papers from ESSEC Research Center, ESSEC Business School
This paper applies the spatiotemporal hedonic approach to analysis of office transaction prices in the Paris property market (i.e. central Paris and its inner suburbs). The analysis focuses primarily on the market’s two main business districts (the CBD and the La Defense District). We find that spatial and temporal dependence effects are strongly present in these submarkets. Additionally, we propose a hybrid method for incorporating a temporal regime into the spatiotemporal autoregressive model proposed by Pace, Barry, Clapp and Rodriguez (1998). Regime switching around 1997 (i.e. in the presence of temporal heterogeneity) substantially affects the significance of spatial and temporal dependences. Finally, we build a new price index that incorporates both spatiotemporal dependences and temporal heterogeneity. This index differs strongly from the usual hedonic price index
Keywords: Hedonic Prices; Paris Office Property Market; Spatiotemporal Autoregressive Price Index; Temporal Heterogeneity (search for similar items in EconPapers)
JEL-codes: C51 D40 R33 (search for similar items in EconPapers)
Pages: 41 pages
New Economics Papers: this item is included in nep-geo and nep-ure
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Journal Article: A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:essewp:dr-08008
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