Skip to main content
Fachgebiete
Automobil + Motoren Bauwesen + Immobilien Business IT + Informatik Elektrotechnik + Elektronik Energie + Nachhaltigkeit Finance + Banking Management + Führung Marketing + Vertrieb Maschinenbau + Werkstoffe Versicherung + Risiko
DE
EN
Themenseiten
Organisationspsychologie Projektmanagement Marketing Smart Manufacturing
Bücher
Zeitschriften
Weitere Formate
Podcasts Webinare Technik Webinare Wirtschaft Kongresse Veranstaltungskalender Awards
Jetzt Einzelzugang starten
Zugang für Unternehmen
Referenzkunden
MTZ-Fachkongress

Antriebe und Energiesysteme von morgen


Austausch von Automobil- und Energiewirtschaft

Am 14./15. Mai geht es in Chemnitz um die Mobilitätswende durch Elektro- und Wasserstofffahrzeuge.
Erweiterte Suche
Anmelden
nach oben
Erschienen in:
Computational Approaches for Urban Environments: An Editorial Kapitel lesen Erstes Kapitel lesen

2015 | OriginalPaper | Buchkapitel

5. Hedonic House Price Modeling Based on Multilevel Structured Additive Regression

verfasst von : Alexander Razen, Wolfgang Brunauer, Nadja Klein, Stefan Lang, Nikolaus Umlauf

Erschienen in: Computational Approaches for Urban Environments

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This chapter reviews recent developments in hedonic modeling of house prices based on structured additive regression (STAR) models. In STAR models, continuous covariates are modeled as P(enalized)-splines. Furthermore, random effects for spatial indexes, smooth functions of two-dimensional surfaces, and (spatially) varying coefficient terms may also be estimated using this methodology. Based on hierarchical STAR models, we discuss a number of useful extensions. With respect to value-at-risk concepts, financial institutions are often not only interested in the expected value but also in different quantiles of the distribution of real estate prices. To meet these requirements, we apply multilevel STAR models for location scale and shape (GAMLSS type regression) and a Bayesian version of quantile regression. As another extension, we sketch multiplicative region-specific scaling factors for nonlinear covariates in order to permit spatial variation in the nonlinear price gradients.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Jetzt informieren
Vorheriges Kapitel Clustering Contextual Neural Gas: A New Approach for Spatial Planning and Analysis Tasks
Nächstes Kapitel Simple Agents, Complex Emergent City: Agent-Based Modeling of Intraurban Migration
Literatur
Banerjee S, Gelfand AE, Knight JR, Sirmans CF (2004) Spatial modeling of house prices using normalized distance-weighted sums of stationary processes. J Bus Econ Stat 22:206–213CrossRef
Bivand R (2014) spdep: spatial dependence: weighting schemes, statistics and models. R package version 0.5–71
Brezger A, Steiner W (2008) Monotonic regression based on Bayesian P-splines: an application to estimating price response functions from store-level scanner data. J Bus Econ Stat 26:90–104CrossRef
Brezger A, Kneib T, Lang S (2005) BayesX: analyzing Bayesian structured additive regression models. J Stat Softw 14(11):1–22
Brunauer W, Lang S, Wechselberger P, Bienert S (2010) Additive hedonic regression models with spatial scaling factors: an application for rents in Vienna. J Real Estate Finance Econ 40:390–410CrossRef
Brunauer W, Lang S, Umlauf N (2013) Modeling house prices using multilevel structured additive regression. Stat Model 13:95–123CrossRef
Can A (1998) GIS and spatial analysis of housing and mortgage markets. J Hous Res 9(1):61–86
Cohen JP, Coughlin CC (2008) Spatial hedonic models of airport noise, proximity, and housing prices. J Reg Sci 48:859–878CrossRef
Eilers PHC, Marx BD (1996) Flexible smoothing using B-splines and penalized likelihood. Stat Sci 11:89–121CrossRef
Fahrmeir L, Kneib T, Lang S (2004) Penalized structured additive regression for space-time data: a Bayesian perspective. Stat Sin 14:731–761
Fahrmeir L, Kneib T, Lang S, Marx B (2013) Regression: models, methods and applications. Springer, Berlin/New YorkCrossRef
Follain J, Jimenez E (1985) Estimating the demand for housing characteristics: a survey and critique. Reg Sci Urban Econ 15:77–107CrossRef
Gelman A, Hill J (2006) Data analysis using regression and multilevel/hierarchical models. Cambridge University Press, LeidenCrossRef
Helbich M, Brunauer W, Vaz E, Nijkamp P (2014) Spatial heterogeneity in hedonic house price models: the case of Austria. Urban Stud 51:390–411CrossRef
Kamman EE, Wand MP (2003) Geoadditive models. J R Stat Soc C 52:1–18CrossRef
Klein N, Kneib T, Lang S (2013) Bayesian structured additive distributional regression. Working paper 2013–23, working papers in economics and statistics, research platform empirical and experimental economics, University of Innsbruck
Koenker R (2005) Quantile regression. Cambridge University Press, Cambridge/New YorkCrossRef
Koenker R, Mizera I (2004) Penalized triograms: total variation regularization for bivariate smoothing. J R Stat Soc B 66:145–163CrossRef
Lang S, Brezger A (2004) Bayesian P-splines. J Comput Graph Stat 13:183–212CrossRef
Lang S, Umlauf N, Wechselberger P, Harttgen K, Kneib T (2014) Multilevel structured additive regression. Stat Comput 24:223–238CrossRef
Malpezzi S (2003) Hedonic pricing models: a selective and applied review. In: O’Sullivan T, Gibb K (eds) Housing economics and public policy. Blackwell Science Ltd., Oxford/Malden, pp 67–89
Razen A, Brunauer W, Klein N, Kneib T, Lang S, Umlauf N (2014) Modeling the volatility of real estate market values using bayesian distributional and quantile regression. Working paper 2014-12, working papers in economics and statistics, research platform empirical and experimental economics, University of Innsbruck
R Development Core Team (2013) R: a language and environment for statistical computing. Vienna, Austria: R Foundation for Statistical Computing. ISBN 3-900051-07-0
Rigby RA, Stasinopoulos D (2005) Generalized additive models for location, scale and shape. Appl Stat 54:507–554
Rosen S (1974) Hedonic prices and implicit markets: product differentiation in pure competition. J Pol Econ 82:34–55CrossRef
Sheppard S (1999) Hedonic analysis of housing markets. In: Cheshire PC, Mills ES (eds) Handbook of regional and urban economics, vol 3. Elsevier Science, Amsterdam, pp 1595–1635
Umlauf N, Adler D, Kneib T, Lang S, Zeileis A (2012) Structured additive regression models: an R interface to BayesX. Working paper 2012-10, working papers in economics and statistics, research platform empirical and experimental economics, University of Innsbruck
Waldmann E, Kneib T, Lang S, Yue Y (2013) Bayesian semiparametric additive quantile regression. Stat Model 13:223–252CrossRef
Yu K, Moyeed RA (2001) Bayesian quantile regression. Stat Probab Lett 54:437–447CrossRef
Yue Y, Rue H (2011) Bayesian inference for additive mixed quantile regression models. Comput Stat Data Anal 55:84–96CrossRef
Metadaten
Titel
Hedonic House Price Modeling Based on Multilevel Structured Additive Regression
verfasst von
Alexander Razen
Wolfgang Brunauer
Nadja Klein
Stefan Lang
Nikolaus Umlauf
Copyright-Jahr
2015
Buch
Computational Approaches for Urban Environments

Print ISBN: 978-3-319-11468-2

Electronic ISBN: 978-3-319-11469-9

Copyright-Jahr: 2015

DOI
https://doi.org/10.1007/978-3-319-11469-9_5