This paper tests whether out-of-sample hedonic value predictions can be improved when a large urban housing market is divided into submarkets.

This paper develops a theoretically consistent technique for valuing non-marketed local attributes using compensating income differentials in the absence of housing market data. The individual's indirect utility function is identified with aggregate data describing equilibrium location...

In October 2003, a new flight regime was introduced at Zurich airport that significantly changed the levels of noise pollution in surrounding communities. We investigate the impact of the new flight policy on apartment prices using a hedonic price model and a non-linear difference-in-differences...

This paper presents a hedonic housing price model for the city of Glasgow in Scotland. The major innovation of the research is the use of hierarchical clustering techniques to identify property submarkets defined by a combination of property types, locations and socioeconomic characteristics of...

Previous work on hedonic price functions tends to have focused on one of a number of specification and estimation issues; namely, market segmentation, choice of functional form, multicollinearity or spatial autocorrelation. The purpose of this paper is to bring together these various strands to...

Recent advances in the theoretical understanding of equilibria in property markets predict that the equilibrium hedonic price function will typically be highly nonlinear. Rather than adopting progressively more flexible econometric specifications to deal with this nonlinearity we adopt an...

A frequent assumption of hedonic price estimation using property market data is that spatial autocorrelation of regression residuals is a feature of the error generating process. Under this assumption, spatial error dependence models that impose a specific spatial structure on the error...