Modelling spatial structures in local housing market dynamics: A multilevel perspective

Orford, Scott ORCID: https://orcid.org/0000-0001-8517-4752 2000. Modelling spatial structures in local housing market dynamics: A multilevel perspective. Urban Studies 37 (9) , pp. 1643-1671. 10.1080/00420980020080301

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Abstract

There has been a long history of research into the development and estimation of hedonic house price models. There is, however, a discrepancy between the empirical and theoretical approaches to this research. A major issue lies in the integration of the conceptual and theoretical models of local housing markets with the context-insensitive nature of the standard hedonic model specification. This paper explores this inconsistency by using multilevel modelling to move towards a more empirically and conceptually appealing specification of the hedonic house price model. It uses price data from Cardiff to investigate how a multilevel approach can explicitly incorporate the spatial structures of housing market dynamics and the ad hoc nature of the valuation process. The paper concludes that successful empirical analysis depends upon a clear theoretical understanding of the processes under investigation.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Geography and Planning (GEOPL)
Subjects:	H Social Sciences > HA Statistics H Social Sciences > HT Communities. Classes. Races
Publisher:	SAGE Publications
ISSN:	0042-0980
Last Modified:	18 Oct 2022 14:00
URI:	https://orca.cardiff.ac.uk/id/eprint/16155

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