Property valuation: the hedonic pricing model: the application of search-and-matching models

IF 1.6 Q3 BUSINESS, FINANCE
Gaetano Lisi
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引用次数: 0

Abstract

PurposeThe aim of this education briefing is to comment upon how basic hedonic pricing models for the valuation of property can be expanded and developed. In this case, the briefing illustrates the use of the new economic approach to the analysis of housing markets, namely the search-and-matching models.Design/methodology/approachThis education briefing discusses the connection of two important economic theories: the hedonic price theory and the search-and-matching theory.FindingsThis education briefing gives an example of a (non-linear) form of the hedonic price function.Practical implicationsIn cases of mass appraisals, hedonic pricing models can provide a broad indication of value across submarkets and this education briefing demonstrates a theoretical model that can be used to provide a theoretical groundwork for the use of a concave hedonic price function in empirical estimates.Originality/valueThis education briefing shows how basic hedonic pricing models can be enhanced by a search-and-matching approach to determine property values.
房产估价:享乐定价模型:搜索匹配模型的应用
目的:本教育简报的目的是评论如何扩展和发展用于财产估价的基本享乐定价模型。在这种情况下,简报说明了使用新的经济方法来分析住房市场,即搜索和匹配模型。这个教育简报讨论了两个重要的经济理论的联系:享乐价格理论和寻找与匹配理论。这个教育简报给出了享乐价格函数(非线性)形式的一个例子。在大规模评估的情况下,享乐定价模型可以提供跨子市场价值的广泛指示,本教育简报展示了一个理论模型,可用于为在经验估计中使用凹享乐价格函数提供理论基础。原创性/价值本教育简报展示了如何通过搜索和匹配方法来增强基本的享乐定价模型,以确定财产价值。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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