|Orford, Scott 2000. Modelling spatial structures in local housing market dynamics: A multilevel perspective. Urban Studies 37 (9) , pp. 1643-1671. 10.1080/00420980020080301|
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.
|Schools:||Geography and Planning|
|Subjects:||H Social Sciences > HA Statistics
H Social Sciences > HT Communities. Classes. Races
|Last Modified:||15 Nov 2013 09:45|
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