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We apply additive mixed regression models (AMM) to estimate hedonic price equations. Non-linear effects of continuous covariates as well as a smooth time trend are modeled non-parametrically through P-splines. Unobserved district-specific heterogeneity is modeled in two ways: First, by location...
Persistent link: https://www.econbiz.de/10010293405
This paper analyzes house price data belonging to three hierarchical levels of spatial units. House selling prices with associated individual attributes (the elementary level-1) are grouped within municipalities (level-2), which form districts (level-3), which are themselves nested in counties...
Persistent link: https://www.econbiz.de/10010294764
This paper is motivated by two common challenges in hedonic price modeling: nonlinear price functions, which require flexible modeling approaches, and the inherent spatial heterogeneity in real estate markets. We apply additive mixed regression models (AMM) to estimate hedonic price equations...
Persistent link: https://www.econbiz.de/10014194366
Persistent link: https://www.econbiz.de/10010203221
The Basel II framework strictly defines the conditions under which financial institutions are authorized to accept real estate as collateral in order to decrease their credit risk. A widely used concept for its valuation is the hedonic approach. It assumes, that a property can be characterized...
Persistent link: https://www.econbiz.de/10010354740
Persistent link: https://www.econbiz.de/10009297666
We apply additive mixed regression models (AMM) to estimate hedonic price equations. Non-linear effects of continuous covariates as well as a smooth time trend are modeled non-parametrically through P-splines. Unobserved district-specific heterogeneity is modeled in two ways: First, by location...
Persistent link: https://www.econbiz.de/10009733229
This paper analyzes house price data belonging to three hierarchical levels of spatial units. House selling prices with associated individual attributes (the elementary level-1) are grouped within municipalities (level-2), which form districts (level-3), which are themselves nested in counties...
Persistent link: https://www.econbiz.de/10009736597
Persistent link: https://www.econbiz.de/10003805442
Persistent link: https://www.econbiz.de/10008658342