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作者

来源

JOURNAL OF URBAN PLANNING AND DEVELOPMENT,Vol.143,Issue040170093

语言

英文

关键字

Hedonic price indexes; Housing prices; Geographically weighted regression; Generalized additive model; Penalized splines; SPLINE REGRESSIONS; MODELS

作者单位

[Olszewski, Krzysztof; Waszczuk, Joanna; Widlak, Marta] Narodowy Bank Polski, Warsaw Sch Econ, Dept Financial Stabil, Swietokrzyska 11-21, PL-00919 Warsaw, Poland. Waszczuk, J (reprint author), Narodowy Bank Polski, Warsaw Sch Econ, Dept Financial Stabil, Swietokrzyska 11-21, PL-00919 Warsaw, Poland. E-Mail: Krzysztof.Olszewski@nbp.pl; Joanna.Waszczuk@nbp.pl; Marta.Widlak@nbp.pl

摘要

The aim of the paper is to analyze the dynamics of house prices in the housing market in Warsaw, Poland, taking into account the spatial relationship between prices. In the first part of this research the geographically weighted regression is compared with a linear regression estimated using ordinary least squares with spatial variables. In the second part, the geographically weighted regression is combined with the generalized additive model regression to extract the effect of time on prices. A hedonic index is obtained that is more robust against short-term changes in house prices than the usual linear hedonic index. This is a novel approach, which has not been applied before in the case of the Polish housing market. The paper indicates that the use of spatial information improves the analysis of house prices and should be thus extended to other cities. (C) 2017 American Society of Civil Engineers.