Munich Personal RePEc Archive

Parameterstabilität in hedonischen Bodenpreismodellen

Wieser, Robert (2009): Parameterstabilität in hedonischen Bodenpreismodellen.

[img]
Preview
PDF
MPRA_paper_65859.pdf

Download (390kB) | Preview

Abstract

This paper examines the effects of different specifications, functional forms and estimation methods on the results in a hedonic land price analysis for Vienna. We investigate purchase price transactions with undeveloped residential buildings plots and demolition objects in the period 1987 to 2003 by applying a series of parametric estimation methods, such as OLS, Box-Cox, cluster-fixed effects or methods of spatial econometrics. The results are assessed on the basis of appropriate statistical tests. As the data structure is of the pooled-cross-section type, we experiment with suitable spatio-temporal weight matrices applied in the spatial models. We compare the results with the standard forms nearest neighbor and Delaunay. Overall, we find some very high fluctuation of individual parameters. Especially for spatial location attributes and neighborhood characteristics which are asymmetrically distributed in space an adequate modeling of spatial interdependencies or lack of spatial information seems to be crucial.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.