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Spatial Interactions in Hedonic Pricing Models: The Urban Housing Market of Aveiro, Portugal

Arnab Bhattacharjee (), Eduardo Anselmo de Castro and Marques, João Lourenço

No 2011-45, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: Spatial heterogeneity, spatial dependence and spatial scale constitute key features of spatial analysis of housing markets. However, the common practice of modelling spatial dependence as being generated by spatial interactions through a known spatial weights matrix is often not satisfactory. While existing estimators of spatial weights matrices are based on repeat sales or panel data, this paper takes this approach to a cross-section setting. Specifically, based on an a priori definition of housing submarkets and the assumption of a multifactor model, we develop maximum likelihood methodology to estimate hedonic models that facilitate understanding of both spatial heterogeneity and spatial interactions. The methodology, based on statistical orthogonal factor analysis, is applied to the urban housing market of Aveiro, Portugal at two different spatial scales.

Keywords: Spatial econometrics; Spatial heterogeneity; Spatial dependence; Spatial scale; Hedonic pricing; Statistical factor analysis; Spatial weights matrix (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-ecm, nep-geo and nep-ure
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Journal Article: Spatial Interactions in Hedonic Pricing Models: The Urban Housing Market of Aveiro, Portugal (2012) Downloads
Working Paper: Spatial Interactions in Hedonic Pricing Models: The Urban Housing Market of Aveiro, Portugal (2011) Downloads
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