Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/275078 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 15 [Issue:] 12 [Article No.:] 601 [Year:] 2022 [Pages:] 1-11
Verlag: 
MDPI, Basel
Zusammenfassung: 
We investigate the use of a P-spline generalized additive hedonic model (GAM) for real estate prices in large U.S. cities, contrasting their predictive efficiency against commonly used linear and polynomial-based generalized linear models (GLM). Using intrinsic and extrinsic factors available from Redfin, we show that the GAM model is capable of describing 84% to 92% of the variance in the expected ln(sales price), based upon 2021 data. In contrast, a strictly linear GLM accounted for 65% to 78% of the variance, while polynomial-based GLMs accounted for 82% to 88%. As climate change is becoming increasingly important, we utilized the GAM model to examine the significance of environmental factors in two urban centers on the northwest coast. While the results indicate city-dependent differences in the significance of environmental factors, we find that inclusion of the environmental factors increases the adjusted R2 of the GAM model by less than 1%. Thirdly, our results indicate that the importance of sex offender residence proximity as a pricing factor is strongly influenced by state sex offender residence regulations.
Schlagwörter: 
generalized additive models
generalized linear models
hedonic models
real estate prices
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe
981.82 kB





Publikationen in EconStor sind urheberrechtlich geschützt.