A Bayesian approach to assessing the robustness of hedonic property value studies
Hedonic price models are widely employed to estimate implicit prices for bundled attributes. Residential property value studies dominate these applications. Using a representative cross-sectional property value data set, we employ Bayesian methods to translate a range of priors in covariate selectio...
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| Veröffentlicht in: | Journal of applied econometrics (Chichester, England) England), 1987-01, Vol.2 (1), p.27-45 |
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| container_end_page | 45 |
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| container_issue | 1 |
| container_start_page | 27 |
| container_title | Journal of applied econometrics (Chichester, England) |
| container_volume | 2 |
| creator | Atkinson, Scott E. Crocker, Thomas D. |
| description | Hedonic price models are widely employed to estimate implicit prices for bundled attributes. Residential property value studies dominate these applications. Using a representative cross-sectional property value data set, we employ Bayesian methods to translate a range of priors in covariate selection typical of hedonic property value studies into a range of posterior estimates. We also formulate priors regarding measurement error in individual covariates and compute the ranges of resulting posterior means. Finally, we empirically demonstrate that a greater and more systematic use of prior information drawn from one's own data and from other studies can break the collinearity deadlock in this data. |
| doi_str_mv | 10.1002/jae.3950020103 |
| format | Article |
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| identifier | ISSN: 0883-7252 |
| ispartof | Journal of applied econometrics (Chichester, England), 1987-01, Vol.2 (1), p.27-45 |
| issn | 0883-7252 1099-1255 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_839216921 |
| source | Periodicals Index Online; JSTOR Archive Collection A-Z Listing |
| subjects | Air pollution Ambiguity Collinearity Economic models Housing Linear regression Market prices Property Property taxes Regression coefficients Value Variable coefficients |
| title | A Bayesian approach to assessing the robustness of hedonic property value studies |
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