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Nonparametric neural network modeling of hedonic prices in the housing market

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  • Manuel Landajo
  • Celia Bilbao
  • Amelia Bilbao

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  • Manuel Landajo & Celia Bilbao & Amelia Bilbao, 2012. "Nonparametric neural network modeling of hedonic prices in the housing market," Empirical Economics, Springer, vol. 42(3), pages 987-1009, June.
    • Handle: RePEc:spr:empeco:v:42:y:2012:i:3:p:987-1009
    DOI: 10.1007/s00181-011-0485-9
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    16. Carlos Martins-Filho & Okmyung Bin, 2005. "Estimation of hedonic price functions via additive nonparametric regression," Empirical Economics, Springer, vol. 30(1), pages 93-114, January.
    17. Steven Peterson & Albert B. Flanagan, 2009. "Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 147-164.
    18. Celia Bilbao & Amelia Bilbao & José Labeaga, 2010. "The welfare loss associated to characteristics of the goods: application to housing policy," Empirical Economics, Springer, vol. 38(2), pages 305-323, April.
    19. Mendelsohn, Robert, 1984. "Estimating the Structural Equations of Implicit Markets and Household Production Functions," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 673-677, November.
    20. McConnell, K. E. & Phipps, T. T., 1987. "Identification of preference parameters in hedonic models: Consumer demands with nonlinear budgets," Journal of Urban Economics, Elsevier, vol. 22(1), pages 35-52, July.
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    22. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February.
    23. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    24. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, vol. 50(3), pages 765-768, May.
    25. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    26. Quigley, John M., 1982. "Nonlinear budget constraints and consumer demand: An application to public programs for residential housing," Journal of Urban Economics, Elsevier, vol. 12(2), pages 177-201, September.
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    28. A. Quang Do & G. Grudnitski, 1993. "A Neural Network Analysis of the Effect of Age on Housing Values," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 253-264.
    29. Jun, Sung Jae & Pinkse, Joris, 2009. "Semiparametric tests of conditional moment restrictions under weak or partial identification," Journal of Econometrics, Elsevier, vol. 152(1), pages 3-18, September.
    30. Ohsfeldt, Robert L. & Smith, Barton A., 1990. "Calculating elasticities from structural parameters in implicit markets," Journal of Urban Economics, Elsevier, vol. 27(2), pages 212-221, March.
    31. Racine, Jeff, 1997. "Consistent Significance Testing for Nonparametric Regression," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(3), pages 369-378, July.
    32. Bruce Curry & Peter Morgan & Mick Silver, 2001. "Hedonic regressions: mis-specification and neural networks," Applied Economics, Taylor & Francis Journals, vol. 33(5), pages 659-671.
    33. de Andres, Javier & Landajo, Manuel & Lorca, Pedro, 2005. "Forecasting business profitability by using classification techniques: A comparative analysis based on a Spanish case," European Journal of Operational Research, Elsevier, vol. 167(2), pages 518-542, December.
    34. Helen Tauchen & Ann Dryden Witte, 2001. "Estimating Hedonic Models: Implications of the Theory," NBER Technical Working Papers 0271, National Bureau of Economic Research, Inc.
    35. Elaine M. Worzala & Margarita Lenk & Ana Silva, 1995. "An Exploration of Neural Networks and Its Application to Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 185-202.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Cankun Wei & Meichen Fu & Li Wang & Hanbing Yang & Feng Tang & Yuqing Xiong, 2022. "The Research Development of Hedonic Price Model-Based Real Estate Appraisal in the Era of Big Data," Land, MDPI, vol. 11(3), pages 1-30, February.
    2. Bilbao-Terol , Celia & Valdés , Luis, 2015. "The environmental setting, farming activities and rural accommodation prices," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 33, pages 33-51.
    3. Bilbao-Terol, Amelia & Álvarez-Otero, Susana & Bilbao-Terol, Celia & Cañal-Fernández, Verónica, 2017. "Hedonic evaluation of the SRI label of mutual funds using matching methodology," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 213-227.
    4. Bilbao-Terol, Amelia & Bilbao-Terol, Celia, 2024. "The Choquet integral supported by a hedonic approach for modelling preferences in hotel selection," Omega, Elsevier, vol. 122(C).
    5. Celia Bilbao-Terol & Verónica Cañal-Fernández & Luis Valdés & Eduardo Del Valle, 2017. "Rural Tourism Accommodation Prices by Land Use-Based Hedonic Approach: First Results from the Case Study of the Self-Catering Cottages in Asturias," Sustainability, MDPI, vol. 9(10), pages 1-17, September.
    6. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.
    7. Raul-Tomas Mora-Garcia & Maria-Francisca Cespedes-Lopez & V. Raul Perez-Sanchez & Pablo Marti & Juan-Carlos Perez-Sanchez, 2019. "Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression," Sustainability, MDPI, vol. 11(2), pages 1-33, January.
    8. Amelia Bilbao-Terol & Celia Bilbao-Terol, 2020. "Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification," Sustainability, MDPI, vol. 12(13), pages 1-18, July.

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    More about this item

    Keywords

    Hedonic prices; Housing; Nonparametric methods; Neural networks; Misspecification testing; Nonparametric significance testing; Computer simulations; R21; C14; C15;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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