From the perspective of an existing retailer, the optimal size of a cluster of retail activity represents a trade-off between the marginal increases in consumer attraction from another store against the depletion of the customer base caused by an additional competitor. We estimate opening and...

This paper analyzes how the dynamics of house prices are affected by the option to rebuild or enlarge existing dwellings. The nonlinear functional form for option value and zoning limits provides identification of changes in option value over the cycle. For homes with high development potential,...

Residential neighborhoods are defined as convex geographical areas containing similar populations and roughly homogenous housing markets. Neighborhoods are relevant largely because confidentiality requires spatial aggregation of data collected at the household level.A hedonic model using...

Spatial autoregressive hedonic models utilize house prices lagged in space and time to produce local house price indices: e.g., the STAR model might be used this way. This paper complements these models with a semiparametric approach, the Local Regression Model (LRM) designed to use large...

This paper is motivated by automated valuation systems, which would benefit from an ability to estimate spatial variation in location value. It develops theory for the LRM, a semiparametric approach to estimating a location value surface. There are two parts to the LRM: 1) an OLS model to hold...

This paper is motivated by the limited ability of hedonic price equations to deal with spatial variation in house prices. Host (1999) divides spatial processes into low and high frequency components, inspiring the methods developed here. We further divide Host's low frequency spatial patterns...

The US retail industry has undergone enormous restructuring resulting in construction of new retail space, abandonment of nearby space, bankruptcies, mergers and acquisitions. This paper estimates discrete choice models of opening and closing probabilities of anchors at a given time and...

Spatial autoregressive hedonic models utilize house prices lagged in space and time to produce local house price indices: e.g., the STAR model might be used this way. This paper complements these models with a semiparametric approach, the Local Regression Model (LRM) designed to use large...

From the perspective of an existing retailer, the optimal size of a cluster of retail activity represents a trade-off between the marginal increases in consumer attraction from another store against the depletion of the customer base caused by an additional competitor. We estimate opening and...