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- Title
A Bayesian approach to hedonic price analysis.
- Authors
Wheeler, David C.; Páez, Antonio; Spinney, Jamie; Waller, Lance A.
- Abstract
Two important objectives in hedonic price analysis are to predict sale prices and delineate submarkets based on geographical and functional considerations. In this paper, we applied Bayesian models with spatially varying coefficients in an analysis of housing sale prices in the city of Toronto, Ontario to address these objectives. We evaluated model performance and identified patterns of submarkets indicated by the spatial coefficient processes. Our results show that Bayesian spatial process models predict housing sale prices well, provide useful inference regarding heterogeneity in prices within a market, and may be specified to include expert market opinions.
- Subjects
TORONTO (Ont.); BAYESIAN analysis; HEDONISTIC consumption; HOME sales; PREDICTION models
- Publication
Papers in Regional Science, 2014, Vol 93, Issue 3, p663
- ISSN
1056-8190
- Publication type
Article
- DOI
10.1111/pirs.12003