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Estimation of Hedonic Single-Family House Price Function Considering Neighborhood Effect Variables
- Source :
- Sustainability, Vol 6, Iss 5, Pp 2946-2960 (2014), Sustainability; Volume 6; Issue 5; Pages: 2946-2960
- Publication Year :
- 2014
- Publisher :
- MDPI AG, 2014.
-
Abstract
- In the formulation of hedonic models, in addition to locational factors and building structures which affect the house prices, the generation of the omitted variable bias is thought to occur in cases when local environmental variables and the individual characteristics of house buyers are not taken into consideration. However, since it is difficult to obtain local environmental information in a small neighborhood unit and to observe individual characteristics of house buyers, these variables have not been sufficiently considered in previous studies. We demonstrated that non-negligible levels of omitted variable bias are generated if these variables are not considered.
- Subjects :
- Geography, Planning and Development
TJ807-830
Management, Monitoring, Policy and Law
TD194-195
Renewable energy sources
Unit (housing)
jel:Q
Economics
Econometrics
geographic information system
GE1-350
Estimation
Environmental effects of industries and plants
Renewable Energy, Sustainability and the Environment
hedonic model
identification
omitted variable bias
neighborhood effect
Hedonic index
jel:Q0
Omitted-variable bias
Function (mathematics)
jel:Q2
jel:Q3
jel:Q5
Environmental sciences
Identification (information)
jel:O13
Single-family detached home
jel:Q56
Subjects
Details
- Language :
- English
- ISSN :
- 20711050
- Volume :
- 6
- Issue :
- 5
- Database :
- OpenAIRE
- Journal :
- Sustainability
- Accession number :
- edsair.doi.dedup.....c0b4e80bb9b375245ac7800a8cc0957d