Specification and estimation of hedonic housing price models

doi:10.1016/0166-0462(92)90039-4

Regional Science and Urban Economics

Volume 22, Issue 3, September 1992, Pages 453-474

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Abstract

Alternative traditional and spatial autoregressive hedonic urban housing price models are offered corresponding to different conceptualizations of the housing price determination process. Some methodological issues relevant to their estimation are addressed that draw upon recent developments from spatial econometrics. These include the selection of the appropriate estimation strategy; the application of diagnostic tests for the detection of spatial dependence and heterogeneity; and the use of robust methods in the presence of heteroskedasticity.

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^∗: An earlier version of this paper was presented at the Thirty-Seventh North American Meetings of the Regional Science Association International, Nov. 9–11, 1990. I would like to thank Luc Anselin for his helpful comments and guidance in the estimation of spatial autoregressive models. Also I would like to thank three anonymous referees for their constructive suggestions.