Abstract

In this chapter, we focus on some econometric aspects related to a sub-set of hedonic house price models, which we refer to as spatial hedonic models. In these, the locational aspects of the observations are treated explicitly, and the estimation of the models is an application of spatial econometrics. As defined in Anselin (2006), spatial econometrics “consists of a sub-set of econometric methods that is concerned with spatial aspects present in cross-sectional and spacetime observations." These methods focus in particular on two forms of so-called spatial effects in econometric models, referred to as spatial dependence and spatial heterogeneity. In this chapter we provide a review of the principles underlying the hedonic house price model, and continue to extensively discuss spatial econometric aspects due to spatial models and spatial data specific to house price applications. We review and discuss the treatment of spatial dependence (including space-time dynamics) and spatial heterogeneity with selective illustrations from the empirical literature.

Original languageEnglish (US)
Title of host publicationPalgrave Handbook of Econometrics: Volume 2: Applied Econometrics
PublisherPalgrave Macmillan
Pages1213-1250
Number of pages38
ISBN (Electronic)9780230244405
ISBN (Print)9781403917997
DOIs
StatePublished - Jan 1 2009

Fingerprint

House prices
Hedonic model
Spatial econometrics
Spatial heterogeneity
Spatial dependence
Econometric models
Econometric methods
Spatial model
Econometrics
Spatial effects

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)

Cite this

Anselin, L., & Lozano-Gracia, N. (2009). Spatial hedonic models. In Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics (pp. 1213-1250). Palgrave Macmillan. https://doi.org/10.1057/9780230244405_26

Spatial hedonic models. / Anselin, Luc; Lozano-Gracia, Nancy.

Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics. Palgrave Macmillan, 2009. p. 1213-1250.

Research output: Chapter in Book/Report/Conference proceedingChapter

Anselin, L & Lozano-Gracia, N 2009, Spatial hedonic models. in Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics. Palgrave Macmillan, pp. 1213-1250. https://doi.org/10.1057/9780230244405_26
Anselin L, Lozano-Gracia N. Spatial hedonic models. In Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics. Palgrave Macmillan. 2009. p. 1213-1250 https://doi.org/10.1057/9780230244405_26
Anselin, Luc ; Lozano-Gracia, Nancy. / Spatial hedonic models. Palgrave Handbook of Econometrics: Volume 2: Applied Econometrics. Palgrave Macmillan, 2009. pp. 1213-1250
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