Skip to main navigation menu Skip to main content Skip to site footer
Economia e diritto del terziario - Open Access - Dal 2018 non è più pubblicata da FrancoAngeli

Parte II - Attualità e discussioni

No. 3 (2017): Economia e diritto del terziario

Stima ed interpretazione nella determinazione del prezzo edonico degli immobili: il caso di Genova

  • Alessia Bruzzo
Submitted
maggio 24, 2018
Published
2018-05-24

Abstract

This work contains empirical analysis to interpret the determination of housing market prices according to what the hedonic price theory applied to a wide range of marine related area, the town of Genoa. The empirical analysis is based on a sample specifically created by collecting data on housing supply captured in a given period of 2015. The proposed objective is purely empirical and aims to play the role exercised by the different intrinsic characteristics of a dwelling in determination of its price. This type of analysis is done on a heterogeneous sample, it characterized both by high rated areas, of the type mostly tourist or prestigious, as from industrial suburban areas of low value and urban areas connected to the port activities.
Comparing the simple model with the hedonic price theory, we get four different regressions, two for each model: a robust model and a clustered OLS model with instrumental variables. As in the work of Caglayan (2013), the estimated hedonic model gives better and more accurate results than the simple type model. And within the hedonic model the kind of instrumental variables perform better than the robust OLS model.

References

  1. Abatecola, G., Caputo, A., Mari, M., Poggesi, S., Real estate management: past, present, and future research directions, «International Journal of Globalisation and Small Business», 5, 2013, n. 1/2, pp. 98-113.
  2. Abatecola, G., Cristofaro, M., Caratteristiche socio demografiche e competenze distinctive nella governance dei player immobiliari in Italia. Un’analisi comparativa, in Real Estate. Tendenze Evolutive del Settore, Bologna, il Mulino, 2015, pp. 71-101.
  3. Ametrano, F., Bruzzo, A., Influenze demografiche, geografiche e sociali nell’identificazione di aree immobiliari omogenee: un’analisi econometrico-spaziale,
  4. «Scienze Regionali», forth coming, 2018.
  5. Bayer, P.J., McMillan, R. e Rueben, K., An Equilibrium Model of Sorting in an Urban Housing Market: The Causes and Consequences of Residential Segregation, Yale
  6. School of Management Working Papers ysm410, Yale School of Management.
  7. Belsley, D.A., Kuh, E. and Welsch, R.E., Regression Diagnostic: Identifying Influental
  8. Data and Sources of Collinearity, New York, Wiley, 1980.
  9. Berry, S., Levinsohn, J. and Pakes, A., Automobile Prices in Market Equilibrium,
  10. «Econometrica», 63, 1995, n. 4, p. 841-90.
  11. Butler, R.V., The Specification of Hedonic Indexes for Urban Housing, in «Land Economics», 1982, n. 58, pp. 96-108.
  12. Cafferata, R., Mari, M., L’evoluzione del settore immobiliare secondo un approccio di filiera, in Cafferata R. (ed.), Real Estate. Tendenze Evolutive del Settore, Bologna, il Mulino, 2015, pp. 9-41.
  13. Cafferata, R., Mari, M., Abatecola, G., Formisano, V., a cura di, Management Immobiliare, Milano, FrancoAngeli, 2011.
  14. Cook, R.D. and Weisberg, S., Residuals and Influence in Regression, London, UK,
  15. Chapman and Hall, 1982.
  16. Caglayan, E. and Arikan, E., Determinants of House Prices in Istanbul: Quantile
  17. Regression Approach, in «Quality & Quantity», 45, 2011, n. 2, pp. 305-317.
  18. Caliman, T. and Di Bella, E., House Price Dynamics in Italy – La dinamica delle
  19. quotazioni immobiliari in Italia, in «Economia Internazionale/International Economics», 64, 2011, n. 1, pp. 37-65.
  20. Caliman, T., Un Modello Econometrico per Mercato Immobiliare Italiano, in A. Amato, T. Caliman, E. Corallo, G. Lombardo, A. Moisello, E. Rivera and A. Venturino (Eds.), Saggi di Economia Immobiliare. Modelli Econometrici and Problematiche Valutative, Milano, FrancoAngeli, 2006.
  21. Caliman, T., The Risk of Falling House Prices in Italy, in «International Review of
  22. Economics» RISEC, 56, 2009, n. 4, pp. 401-423.
  23. Cannari, L., Nucci, F. and Sestito, P., Geographic Labour Mobility and the Cost of
  24. Housing: Evidence from Italy, in «Applied Economics», 32, 2000, n. 14, pp. 1899-1906.
  25. Capozza, D.R., Hendershott, P.H., Mack, C. and Mayer, C.J., Determinants of Real House Price Dynamics, in «Real Estate Economics», 32, 2004, n. 1, pp. 1-32.
  26. Des Rosiers, F., Villineuve, P. and Theriault, M., Sorting out Access and Neighbourhood Factors in Hedonic Price Modelling, in «Journal of Property Investment & Finance», 18, 2000, n. 3, pp. 291-315.
  27. Dubbelman, C., Disturbances in The Linear Model: Estimation And Hypothesis Testing, in «The Hague:Martinus Nihjoff», 1978.
  28. Ellickson, B., Jurisdictional Fragmentation and Residential Choice, in «American
  29. Economic Review», 61, 1971, n. 2, pp. 334-39.
  30. Epple, D., Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products, in «Journal of Political Economy», 95, 1987, n. 1, pp. 59-80.
  31. Epple, D., Filimon, R. e Romer, T., Existence of voting and housing equilibrium in a system of communities with property taxes, in «Regional Science and Urban Economics», 23, 1993, n. 5, pp. 585-610.
  32. Epple, D., Brett G., e Sieg, H., A New Approach to Estimating the Production Function
  33. for Housing, in «American Economic Review», 100, 2010, n. 3, pp. 905-24.
  34. Epple, D., e Platt, G. J., Equilibrium and Local Redistribution in an Urban Economy When Households Differ in Both Preferences and Incomes, in «Journal of Urban Economics», 43, 1998, n. 1, pp. 23-51.
  35. Ferreyra, M. M., Estimating the Effects of Private School Vouchers in Multidistrict
  36. Economies, in «American Economic Review», 97, 2007, n. 3, pp. 789-817.
  37. Freeman, A.M., The benefit of air and water pollution control: a review and synthesis
  38. of recent estimates, in «National Technical Information Service», 1979.
  39. Girouard, N., Kennedy, M., Van Den Noord, P. and Andre, C., Recent House Price Developments: The Role of Fundamentals, OECD Economics Department, Working Paper No. 475, 2006.
  40. Gomes, L.F.A.M and Rangel, L.A.D., Determining the utility functions of criteria used in the evaluation of real estate, in «International Journal of Production Economics», 117, 2009, n. 2, pp. 420-426.
  41. Goodman, A.C., Hedonic prices, price indexes and housing markets, in «Journal of
  42. Urban Economics», 5, 1979, n. 1, pp. 471-484.
  43. Goodman, A.C. and Thibodeau, T.G., Age-Related Heteroscedasticity in Hedonic House Price Equations, in «Journal of Housing Research», 6, 1995, n. 1, pp. 25-42.
  44. Gros, D., Bubbles in Real Estate? A Longer-Term Comparative Analysis of Housing Prices in Europe and the US, Centre for European Policy Studies, Working Paper No. 276, 2007.
  45. Harrison, D. and Rubinfeld, D.L., Hedonic housing prices and the demand for clean air, in «Journal of Enviromental Economics and Management», 5, 1978, n. 1, pp. 81-102.
  46. Himmelberg, C., Mayer, C. and T. Sinai, Assessing High House Prices: Bubbles,
  47. Fundamentals, and Misperceptions, in «Journal of Economic Perspectives», 19, 2005, n. 4, pp. 67-92.
  48. Jacobsen, H. and Naug, B.E., What Drives House Prices, in «Economic Bulletin»,
  49. , 2005, n. 1, pp. 1-13.
  50. Jargue, C.M. and Bera, A.K., Efficient Test for Normality. Homoscedasticity and Serial Independence of Regression Residuals, in «Economic Letter», 1980, n. 6, pp. 255-259.
  51. Lancaster, K.J., A New Approach to Consumer Theory, in «Journal of Political Economy», 74, 1966, n. 2, pp. 132-157.
  52. Malpezzi, S., Hedonic Price Models: A Selective and Applied Review, in T. O’Sullivan,
  53. K. Gibb (Eds.), Housing Economics and Public Policy, Oxford Blackwell Publishing, 2003.
  54. McCarthy, J. and Peach, R.W., Are Home Prices the Next Bubble?, in «Economic Policy Review», Federal Reserve Bank of New York, 10, 2004, n. 3, pp. 1-17.
  55. McDonald, J.F. and McMillen, D.P., Urban Economics and Real Estate: Theory an Policy, John Wiley & Sons, INC, 2010.
  56. McFadden, D., Modelling the Choice of Residential Location, “Cowles Foundation”,
  57. Yale University, Cowles Foundation Discussion Papers. 673, 1977.
  58. Nechyba, T. J., Existence of Equilibrium and Stratification in Local and Hierarchical
  59. Tiebout Economies with Property Taxes and Voting, in «Economic Theory», 10, 1997, n. 2, pp. 277-304.
  60. Nechyba, T. J., School Finance Induced Migration and Stratification Patterns: The Impact of Private School Vouchers, in «Journal of Public Economic Theory», 1, 1999, n. 1, pp. 5-50.
  61. Nechyba, T. J., Mobility, Targeting, and Private-School Vouchers, in «American Economic Review», 90, 2000, n. 1, pp. 130-46.
  62. Nelson, J. P., Residential choice, hedonic prices and the demand, in «Journal of Urban
  63. Economy», 5, 1978, n. 3, pp. 357-369.
  64. Palmquist, R.B., Hedonic price and depreciation indexes for residential housing: a
  65. comment, in «Journal of Urban Economics», 6, 1979, n. 2, pp. 267-271.
  66. Rosen, S., Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition, in «The Journal of Political Economy», 82, 1974, n. 1, pp. 34-55.
  67. Rousseeuw, P.J. and Leroy, A.M., Robust Regression and Outlier Detection, John Wiley & Sons, USA, 1987.
  68. Sieg, H., Smith, V. K., Banzhaf H. S., and Walsh, R., Interjurisdictional Housing Prices in Locational Equilibrium, in «Journal of Urban Economics», 52, 2002, n. 1, pp. 131-53.
  69. Smith, V. K., and Banzhaf, H. S., Quality Adjusted Price Indexes and the Willig Condition, in «Economics Letters», 94, 2007, n. 1, pp. 43-48.
  70. Smith, V. K., Holger, S, Banzhaf, H. S., and Walsh, R., General Equilibrium Benefits for Environmental Improvements: Projected Ozone Reductions under EPA’s Prospective Analysis for the Los Angeles Air Basin, in «Journal of Environmental Economics and Management», 47, 2004, n. 3, pp. 559-84.
  71. Takeuchi, A., Cropper, M. and Bento, A., Measuring the Welfare Effects of Slum Improvement Programs: The Case of Mumbai, in «Journal of Urban Economics», 64, 2008, n. 1, pp. 65-84.
  72. Timmins, C., If You Cannot Take the Heat, Get Out of the Cerrado… Recovering the Equilibrium Amenity Cost of Nonmarginal Climate Change in Brazil, in «Journal of Regional Science», 47, 2007, n. 1, pp. 1-25.
  73. Timmins, C., and Murdock, J., A Revealed Preference Approach to the Measurement
  74. of Congestion in Travel Cost Models, in «Journal of Environmental Economics and Management», 53, 2007, n. 2, pp. 230-49.
  75. Tinbergen, J., On the Theory of Income Distribution, in «Westwertschaftliches Archiv»,77, 1956, 2, pp. 155-73.
  76. Verardi, V. and Croux, C., Robust Regression in Stata, in «The Stata Journal», 2008,
  77. n. 9, pp. S439-453.
  78. Ziets, J., Ziets, E.N and Sirmans, G.S., Determinants of House Prices: A Quantile
  79. Regression Approach, in «The Journal of Real Estate Finance and Economics», 37, 2008, n. 4, pp. 317-333.