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Measuring the Housing Price Dispersion in Italy

Author

Listed:
  • Gaetano Lisi

    (Agenzia del Territorio)

  • Mauro Iacobini

    (Agenzia del Territorio)

Abstract

This paper has two interconnected goals. The first is to provide a simple method for measuring the variance in house prices which can not be attributed to the heterogeneous nature of real estate goods. The second goal is to show the strong statistical significance of this residual volatility in the Italian housing market.

Suggested Citation

  • Gaetano Lisi & Mauro Iacobini, 2012. "Measuring the Housing Price Dispersion in Italy," Economics Bulletin, AccessEcon, vol. 32(1), pages 811-822.
    • Handle: RePEc:ebl:ecbull:eb-12-00082
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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I1-P75.pdf
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    References listed on IDEAS

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    1. Davidson, Russell & MacKinnon, James G, 1981. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Econometrica, Econometric Society, vol. 49(3), pages 781-793, May.
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    4. Charles Leung & Youngman Leong & Siu Wong, 2006. "Housing Price Dispersion: An Empirical Investigation," The Journal of Real Estate Finance and Economics, Springer, vol. 32(3), pages 357-385, May.
    5. Charles Ka Yui Leung & Jun Zhang, 2011. ""Fire Sales" in Housing Market: Is the House- Search Process Similar to a Theme Park Visit?," International Real Estate Review, Global Social Science Institute, vol. 14(3), pages 311-329.
    6. Brown, Jeff E. & Ethridge, Don E., 1995. "Functional Form Model Specification: An Application to Hedonic Pricing," Agricultural and Resource Economics Review, Cambridge University Press, vol. 24(2), pages 166-173, October.
    7. Pope, Jaren C., 2008. "Buyer information and the hedonic: The impact of a seller disclosure on the implicit price for airport noise," Journal of Urban Economics, Elsevier, vol. 63(2), pages 498-516, March.
    8. Brown, Jeff E. & Ethridge, Don E., 1995. "Functional Form Model Specification: An Application To Hedonic Pricing," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 24(2), pages 1-8, October.
    9. Cotteleer, Geerte & Gardebroek, Cornelis, 2006. "Bargaining and market power in a GIS-based hedonic pricing model of the agricultural land market," 2006 Annual meeting, July 23-26, Long Beach, CA 21255, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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    Citations

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    Cited by:

    1. Mauro Iacobini & Gaetano Lisi, 2016. "Prezzi edonici delle caratteristiche abitative e analisi di regressione multipla: suggerimenti pratici per la stima," RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO, FrancoAngeli Editore, vol. 2016(2), pages 5-42.
    2. Gaetano Lisi, 2013. "On the Functional Form of the Hedonic Price Function: A Matching-theoretic Model and Empirical Evidence," International Real Estate Review, Global Social Science Institute, vol. 16(2), pages 189-207.

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    More about this item

    Keywords

    housing price dispersion; hedonic price function; residual price volatility;
    All these keywords.

    JEL classification:

    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General

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