Valuing Proximity to Lake and Ski Recreation Amenities: Hedonic Prices for Vacation Rental Houses at Deep Creek Lake, Maryland

2009 ◽  
Author(s):  
Jon P. Nelson
Keyword(s):  
Hedonic Prices

The spatial dimension of the French private rental markets: Evidence from microgeographic data in 2015

2020 ◽  
pp. 239980832097787
Author(s):  
Kassoum Ayouba ◽  
Marie-Laure Breuillé ◽  
Camille Grivault ◽  
Julie Le Gallo
Keyword(s):  
Spatial Heterogeneity ◽  
Detailed Analysis ◽  
Spatial Dimension ◽  
Median Income ◽  
Hedonic Prices ◽  
Rental Market ◽  
Housing Characteristics ◽  
Heterogeneous Effects ◽  
Non Linear ◽  
Rental Markets

This article draws on data collected by local rental observatories in 12 French urban units in 2015 to analyze the spatial dimension of hedonic rental prices in the private rental market through (i) the spatial heterogeneity between urban units and (ii) the wide variety of contextual and locational characteristics (socio-economic, environmental (dis)amenity, and accessibility) and flexible specifications to capture their potential non-linear influence on rent. Based on a joint test of equality of coefficients across all urban units, we find that hedonic prices differ for 75% of the characteristics, thereby justifying a detailed analysis of heterogeneity. Lyon, Nice, and Paris taken individually are the urban units with the most specific valuations of housing characteristics and socio-economic characteristics. Our analysis reveals that housing characteristics, median income, and distance to the center are clearly the variables with the most heterogeneous effects on hedonic prices.

Income capitalisation method and hedonic model: an integrated approach

2019 ◽  
Vol 37 (3) ◽  
pp. 289-300
Author(s):  
Gaetano Lisi
Keyword(s):  
Real Estate ◽  
Discount Rate ◽  
House Price ◽  
Integrated Approach ◽  
Hedonic Model ◽  
Alternative Methods ◽  
Hedonic Price ◽  
Hedonic Prices ◽  
Content Type ◽  
Pull Out

Purpose The purpose of this paper is to provide an integrated approach that combines the two methods usually used in the real estate appraisals, namely, the income capitalisation method and the hedonic model. Design/methodology/approach In order to pull out the link between the income capitalisation approach and the hedonic model, the standard hedonic price function is introduced into the basic model of income capitalisation instead of the house market value. It follows that, from the partial derivative, a direct relation between hedonic prices and discount rate can be obtained. Finally, by using the close relationship between income capitalisation and direct capitalisation, a mathematical relation between hedonic prices and capitalisation rate is also obtained. Findings The developed method allows to estimate the capitalisation rate using only hedonic prices. Indeed, selling and hedonic prices incorporate all of the information required to correctly estimate the capitalisation rate. Furthermore, given the close relation among going-in and going-out capitalisation rates and discount rate, the proposed method could also be useful for determining both the going-out capitalisation rate and the discount rate. Practical implications Obviously, it is always preferable to estimate the capitalisation rate by just using comparable transactional data. Nevertheless, the method developed in this paper is especially useful when: the rental income data are missing and/or not entirely reliable; the data on rental income and house price are related to different homes; the capitalisation rate, in fact, should compare the rent and value of identical homes. In these cases, therefore, the method can be a valuable alternative to direct estimation. Originality/value The large and important literature on real estate economics and real estate appraisal neglects the relationship between hedonic prices and capitalisation rate, thus considering the hedonic model and the income capitalisation approach as two separate and alternative methods. This paper, instead, shows that integration is possible and relatively simple.

Nonparametric neural network modeling of hedonic prices in the housing market

2011 ◽  
Vol 42 (3) ◽  
pp. 987-1009 ◽  
Author(s):  
Manuel Landajo ◽  
Celia Bilbao ◽  
Amelia Bilbao
Keyword(s):  
Neural Network ◽  
Housing Market ◽  
Network Modeling ◽  
Neural Network Modeling ◽  
Hedonic Prices

scholarly journals The Big, the Bad, and the Average: Hedonic Prices and Inverse Demand for Baltic Cod

2015 ◽  
Vol 30 (2) ◽  
pp. 157-177 ◽  
Author(s):  
Cecilia Hammarlund
Keyword(s):  
Hedonic Prices ◽  
Inverse Demand ◽  
Baltic Cod

The usefulness of hedonic prices to the Consumers' Association

1985 ◽  
Vol 17 (2) ◽  
pp. 191-204 ◽  
Author(s):  
Graham Hall ◽  
Tony Lloyd
Keyword(s):  
Hedonic Prices

scholarly journals Hedonic prices indexes for new passenger cars in Portugal (1997–2001)

2006 ◽  
Vol 23 (6) ◽  
pp. 890-908 ◽  
Author(s):  
Hugo J. Reis ◽  
J.M.C. Santos Silva
Keyword(s):  
Hedonic Prices ◽  
Passenger Cars
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