Petr Hrobař
In this study we apply Spatial Econometrics models and evaluate flats prices. We suppose that price of the flat is not only the function of flat’s own characteristics but also function of its neighbourhood characteristics.
- Firstly we test for spatial dependency
- Then applying spatial models
- lastly we evaluate model stability for various types of spatial matrix
Using Spatial Model we are able to evaluate prices with much better percision.
See the conference article here, or alternatively, read this markdown for simple overview.
Following studies by:
Lipán (2016), Formánek (2019), Dubin (1992), Hastie, Tibshirani, and Friedman (2009), LeSage and Pace (2009), Anselin (2013)
Anselin, Luc. 2013. Spatial Econometrics: Methods and Models. Vol. 4. Springer Science & Business Media.
Dubin, Robin A. 1992. “Spatial Autocorrelation and Neighborhood Quality.” Regional Science and Urban Economics 22 (3): 433–52.
Formánek, Tomáš. 2019. “Spatial Econometric Analysis with Applications to Regional Macroeconomic Dynamics.”
Hastie, Trevor, Robert Tibshirani, and Jerome Friedman. 2009. The Elements of Statistical Learning: Data Mining, Inference, and Prediction. Springer Science & Business Media.
LeSage, J, and R Pace. 2009. “Introduction to Spatial Econometrics. Boca Raton: Taylor and Francishttp://Dx. Doi. Org/10.1201/9781420064254.”
Lipán, Marek. 2016. “Spatial Approaches to Hedonic Modelling of Housing Market: Prague Case.”