Download or read book Anisotropic Autocorrelation in House Prices written by Kevin Gillen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines anisotropic spatial autocorrelation in single-family house prices and in hedonic house price equation residuals using a spherical semivariogram and transactions data for one county in the Philadelphia, Pennsylvania MSA. Isotropic semivariograms model spatial relationships as a function of the distance separating properties in space. Anisotropic semivariograms model spatial relationships as a function of both the distance and the direction separating observations in space. The goals of this paper are: (1) to determine whether there is spatial autocorrelation in hedonic house price equation residuals; and (2) to empirically examine the validity of the isotropy assumption. We estimate the parameters of spherical semivariograms for house prices and for hedonic house price equation residuals for 21 housing submarkets within Montgomery County, Pennsylvania. These housing submarkets are constructed by dividing the county into 21 groupings of economically similar adjacent census tracts. Census tracts are grouped according to 1990 census tract median house prices and according to characteristics of the housing stock. We fit the residuals of each submarket hedonic house price equation to both isotropic and anisotropic sepherical semivariograms. We find evidence of spatial autocorrelation in the hedonic residuals in spite of a very elaborate hedonic specification. Additionally, we have determined that, in some submarkets, the spatial autocorrelation in the hedonic residuals is anisotropic rather than isotropic. The empirical results suggest that the spatial autocorrelation in Montgomery County single-family house price equation residuals is anisotropic in submarkets where residents typically commmute to a regional or local Central Businss District (CBD).

Download or read book The Anisotropic Spatiotemporal Estimation of Housing Prices written by Jin Zhao and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a method to identify three-dimensional anisotropic spatiotemporal autocorrelation with an application to real estate markets. A large literature modeling spatiotemporal autocorrelation in house prices assumes that the spatiotemporal dependence structure is isotropic: a function of only distances between observations, and therefore the direction effect is dismissed. If the importance of direction is dismissed or understated, an estimation result would be biased and therefore less precise unless the distribution of observations is in rare case of being directional homogeneous. This paper thus proposes a local anisotropic spatiotemporal approach to improve estimation performance. The methodololgy is illustrated by using data on single-family house transactions in the San Francisco Bay Area. The empirical results suggest that the proposed three-dimensional anisotropic modeling technique can reduce both in-sample estimation and out-of-sample forecast errors.

Download or read book Urban Morphology and Housing Market written by Yang Xiao and published by Springer. This book was released on 2016-11-21 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to fill the ‘urban economics niche’ and conceptualize a framework for valuing the urban configuration via local housing market. Advanced network analysis techniques are employed to capture the centrality features hindered in street layout. The author explores the several effects of urban morphology via housing market over two distinct contexts: UK and China. This work will appeal to a wide readership from scholars and practitioner to policy makers within the fields of real estate analysis, urban and regional studies, urban planning, urban design and economic geography.

Download or read book The Private Rented Housing Market written by Stuart Lowe and published by Routledge. This book was released on 2017-11-28 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: The privately rented housing market has largely catered for young, mobile people and students since it was deregulated in the UK. In this volume, key writers provide timely insights into this rapidly evolving market. This volume is based on new, original research which brings together specialists in housing policy and legal studies, with their common and increasingly interdependent knowledge base about the privately rented sector and its future direction. The collection opens with an overview of the historical context and recent changes to the sector, such as the rapid and continued expansion of the buy-to-let market, followed by a discussion of the factors shaping the contemporary market. The contributors show how the new regulatory environment is opening a series of issues with significant potential to affect (and potentially damage) the market. The volume will interest academics and students in social and public policy, law and housing studies, as well as law practices and housing authorities.

Download or read book Construction and Application of Property Price Indices written by Anthony Owusu-Ansah and published by Routledge. This book was released on 2018-07-11 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices. This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply. Essential reading for economists, real estate professionals and researchers, and policy-makers.

Download or read book Spatial Econometrics written by Giuseppe Arbia and published by Springer Science & Business Media. This book was released on 2008-11-14 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial Econometrics is a rapidly evolving field born from the joint efforts of economists, statisticians, econometricians and regional scientists. The book provides the reader with a broad view of the topic by including both methodological and application papers. Indeed the application papers relate to a number of diverse scientific fields ranging from hedonic models of house pricing to demography, from health care to regional economics, from the analysis of R&D spillovers to the study of retail market spatial characteristics. Particular emphasis is given to regional economic applications of spatial econometrics methods with a number of contributions specifically focused on the spatial concentration of economic activities and agglomeration, regional paths of economic growth, regional convergence of income and productivity and the evolution of regional employment. Most of the papers appearing in this book were solicited from the International Workshop on Spatial Econometrics and Statistics held in Rome (Italy) in 2006.

Download or read book Mass Appraisal Methods written by Tom Kauko and published by John Wiley & Sons. This book was released on 2009-01-28 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a cross-disciplinary and cross-cultural look atmass appraisal expertise for property valuation in different marketconditions, and offers some cutting- edge approaches. The editors establish an international platform and present thescientific debate as well as practical feasibility considerations.Heretic and orthodox valuation methods are assessed based onspecific criteria, partly technical and partly institutional.Methodological evaluation is approached using two types ofcriteria: operational concerns about how to determine propertyvalue differentials between spatial and functional units of realestate in a valid and reliable way (technical criteria); and thekind of market circumstances being operated in (institutionalcriteria). While technical criteria are relatively well-researched,there is little theoretically informed work on the connectionbetween country context and selection of property appraisalmethods. The book starts with an examination of current mass propertyappraisal practices, presenting case studies from widely differingmarkets - from the American and Dutch, where regression-basedmethods have been used successfully for some time; to the EasternEuropean and other emerging economies, where limitations have to becompensated by focusing on the modelling assumptions. The second part of the book looks at sophisticated modellingapproaches, some of which represent combinations of elements fromtwo or more techniques. Whatever the exact modelling approach, therequirements are always high for the quality of the data andsuitability of the method. In the final section, methods areevaluated and compared according to technical criteria and againstinstitutional contexts.With its exceptionally wide coverage ofvaluation issues, Mass Appraisal Methods: an internationalperspective for property valuers addresses property valuationproblems common to different countries and approaches applicable inboth developed and emerging economies.

Download or read book Housing Economics and Public Policy written by Anthony O'Sullivan and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions. The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development. For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy: . provides up to date and comprehensive reviews of major areas of the housing economics literature . sheds light on the economic, social and spatial processes that affect housing . includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps . presents a synthesis of housing economics research on both sides of the Atlantic . assesses the impact of theory on policy and practice

Download or read book Palgrave Handbook of Econometrics written by Terence C. Mills and published by Springer. This book was released on 2009-06-25 with total page 1406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following theseminal Palgrave Handbook of Econometrics: Volume I , this second volume brings together the finestacademicsworking in econometrics today andexploresapplied econometrics, containing contributions onsubjects includinggrowth/development econometrics and applied econometrics and computing.

Download or read book House Price Indices written by Thomas G. Thibodeau and published by Springer Science & Business Media. This book was released on 1997-03-31 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.

Download or read book Advances in Spatial Econometrics written by Luc Anselin and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: World-renowned experts in spatial statistics and spatial econometrics present the latest advances in specification and estimation of spatial econometric models. This includes information on the development of tools and software, and various applications. The text introduces new tests and estimators for spatial regression models, including discrete choice and simultaneous equation models. The performance of techniques is demonstrated through simulation results and a wide array of applications related to economic growth, international trade, knowledge externalities, population-employment dynamics, urban crime, land use, and environmental issues. An exciting new text for academics with a theoretical interest in spatial statistics and econometrics, and for practitioners looking for modern and up-to-date techniques.

Download or read book Growing Greener Cities written by Eugenie L. Birch and published by University of Pennsylvania Press. This book was released on 2011-09-02 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nineteenth-century landscape architect Frederick Law Olmsted described his most famous project, the design of New York's Central Park, as "a democratic development of highest significance." Over the years, the significance of green in civic life has grown. In twenty-first-century America, not only open space but also other issues of sustainability—such as potable water and carbon footprints—have become crucial elements in the quality of life in the city and surrounding environment. Confronted by a U.S. population that is more than 70 percent urban, growing concern about global warming, rising energy prices, and unabated globalization, today's decision makers must find ways to bring urban life into balance with the Earth in order to sustain the natural, economic, and political environment of the modern city. In Growing Greener Cities, a collection of essays on urban sustainability and environmental issues edited by Eugenie L. Birch and Susan M. Wachter, scholars and practitioners alike promote activities that recognize and conserve nature's ability to sustain urban life. These essays demonstrate how partnerships across professional organizations, businesses, advocacy groups, governments, and individuals themselves can bring green solutions to cities from London to Seattle. Beyond park and recreational spaces, initiatives that fall under the green umbrella range from public transit and infrastructure improvement to aquifer protection and urban agriculture. Growing Greener Cities offers an overview of the urban green movement, case studies in effective policy implementation, and tools for measuring and managing success. Thoroughly illustrated with color graphs, maps, and photographs, Growing Greener Cities provides a panoramic view of urban sustainability and environmental issues for green-minded city planners, policy makers, and citizens.

Download or read book Advances in Automated Valuation Modeling written by Maurizio d'Amato and published by Springer. This book was released on 2017-01-28 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses several problems related to automated valuation methodologies (AVM). Following the non-agency mortgage crisis, it offers a variety of approaches to improve the efficiency and quality of an automated valuation methodology (AVM) dealing with emerging problems and different contexts. Spatial issue, evolution of AVM standards, multilevel models, fuzzy and rough set applications and quantitative methods to define comparables are just some of the topics discussed.

Download or read book Geographic Information Systems in Business written by Pick, James and published by IGI Global. This book was released on 2004-08-31 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains state-of-the-art research studies on the concepts, theory, processes, and real world applications of geographical information systems (GIS) in business. Its chapters are authored by many of the leading experts in applying GIS and geospatial science to business. The book utilizes a wide variety of approaches and methodologies including conceptual theory development, research frameworks, quantitative and qualitative methods, case studies, systems design, DSS theory, and geospatial analysis combined with point-of-sale. Since relatively little research has been published on GIS in business, this book is pioneering and should be the principal compendium of the latest research in this area. The book impacts not only the underlying definitions, concepts, and theories of GIS in business and industry, but its practice as well.

Download or read book Research Tools In Natural Resource And Environmental Economics written by Amitrajeet A Batabyal and published by World Scientific. This book was released on 2011-05-26 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of scholarly accounts and articles written by recognized experts in environmental economics, this book is the first of its kind and as a valuable reference and textual source for graduate students and active researchers. It draws together the pedagogical discussion of the key tools used to conduct theoretical and empirical research in natural resource and environmental economics. With contributions by prominent international researchers like Robert Ayres, Charles Perrings and Anastasios Xepapadeas, the book will be useful for researchers who wish to learn new techniques or change their area of research emphasis within natural resource and environmental economics or those who wish to familiarize themselves with these tools.

Download or read book Sustainable Governance in Northeast Asia Challenges for Innovation Frontier written by Yongrok Choi and published by MDPI. This book was released on 2018-09-21 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Sustainable Governance in Northeast Asia: Challenges for Innovation Frontier" that was published in Sustainability

Download or read book Trading Volume Induced Spatial Autocorrelation in Real Estate Prices written by C. Yiu and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial dependence is often seen as a problem in econometrics rather than in economics. This study seeks to find an economic explanation for spatially correlated real estate prices. We posit spatial dependence as a process to discover price information from neighboring property transactions. Weaker spatial dependence is expected when price information in the immediate vicinity of a subject property is abundant. In the context of apartment buildings, in addition to the more commonly known horizontal dependence, there is also spatial dependence in the vertical dimension within the same building. Based on more than 18,000 transactions of highly homogeneous apartment units in Hong Kong, we found that the trading volume of a building depresses horizontal spatial dependence, but raises vertical spatial dependence. This not only confirmed the role of trading volume in the real estate price discovery process, but also questioned the validity of constant spatial autocorrelation assumption adopted in many studies.