956
Views
13
CrossRef citations to date
0
Altmetric
Articles

Housing attributes and Hong Kong real estate prices: a quantile regression analysis

, &
Pages 359-366 | Received 23 Mar 2011, Accepted 15 Mar 2012, Published online: 30 Apr 2012

References

  • Abrevaya , J. 2001 . The effects of demographic and maternal behaviour of the distribution of birth outcomes . Empirical Economics , 26 ( 1 ) : 247 – 257 .
  • Arias , O. , Hallock , K. and Sosa-Escudero , W. 2001 . Individual heterogeneity in the returns to schooling: instrumental variables quantile regression using twins data . Empirical Economics , 26 ( 1 ) : 7 – 40 .
  • Bailey , M.J. , Muth , R.F. and Nourse , H.O. 1963 . A regression model for real estate price index construction . Journal of the American Statistical Association , 58 ( 304 ) : 933 – 942 .
  • Can , A. and Megbolugbe , I. 1997 . Spatial dependence and house price index construction . Journal of Real Estate Finance and Economics , 14 ( 1–2 ) : 203 – 222 .
  • Case , A. 1992 . Specification and estimation of hedonic housing price models . Regional Science and Urban Economics , 22 ( 3 ) : 453 – 474 .
  • Case , B. and Quigley , J.M. 1991 . The dynamics of real estate prices . Review of Economics and Statistics , 73 ( 3 ) : 50 – 58 .
  • Chamberlain , G. 1994 . “ Quantile regression: censoring and the structure of wages ” . In Advances in Econometrics , Edited by: Sims , C.A. 171 – 209 . New York : Elsevier .
  • Chau, K.W. and Choy, L.H.T. (2012) Let the buyer or seller beware: measuring lemons in the housing market under different doctrines of law governing transactions and information. Journal of Law & Economics, 55, forthcoming.
  • Chen , C.L. , Kuan , C.M. and Lin , C.C. 2007 . Saving and housing of Taiwanese households: new evidence from quantile regression analyses . Journal of Housing Economics , 16 : 102 – 126 .
  • Choy , L.H.T. , Mak , S.W.K. and Ho , W.K.O. 2007 . Modeling Hong Kong real estate prices . Journal of Housing and the Built Environment , 22 ( 4 ) : 359 – 368 .
  • Court, A.T. (1939) Hedonic price indexes with automobile example, in The Dynamics of Automobile Demand, General Motors Corp, New York, pp. 99–117.
  • Dubin , R.A. 1988 . Predicting house prices using multiple listing data . Journal of Real Estate Finance and Economics , 17 : 35 – 60 .
  • Efron , B. The jackknife, the bootstrap, and other resampling plans . Paper presented at the CBMS-NSF Regional Conference Series in Applied Mathematics . June , SIAM , Philadelphia.
  • Epple , D. 1987 . Hedonic prices and implicit markets: estimating demand and supply functions for differentiated goods . Journal of Political Economy , 95 ( 1 ) : 58 – 80 .
  • EPRC Limited (1991–2010) Transacted Price Analysis, Hong Kong.
  • Freeman, A.M. (1979) The hedonic approach to measuring for neighborhood characteristics, in Segal, D. (ed.) The Economics of Neighborhood, Academic Press, New York, pp. 191–218.
  • Gould , W.W. 1992 . Quantile regression with bootstrapped standard errors . Stata Technical Bulletin , 9 : 19 – 21 .
  • Gould , W.W. 1997 . Interquantile and simultaneous-quantile regression . Stata Technical Bulletin , 38 : 14 – 22 .
  • Griliches, Z. (1961) Hedonic price indexes for automobile: an econometric analysis of quality change, in Griliches, Z. (ed.) The Price Statistics of the Federal Government, National Bureau of Economic Research, New York, pp. 173–96.
  • Griliches, Z. (1971) Introduction: hedonic price indexes revisited, in Griliches, Z. (ed.) Price Indexes and Quality Change, Harvard University Press, Cambridge, MA, pp. 3–15.
  • Gyourko, J. and Tracy, J. (1999) A look at real housing prices and incomes: some implications for housing affordability and quality. Federal Reserve Bank of New York Economic Policy Review, September, 63–77.
  • Hao , L. and Naiman , D.Q. 2007 . Quantile Regression , Thousand Oaks , CA : Sage .
  • Heckman , J.J. 1979 . Sample selection bias as a specification error . Econometrica , 47 ( 1 ) : 153 – 161 .
  • Kain , J. and Quigley , J. 1970 . Measuring the value of housing quality . Journal of the American Statistical Association , 45 ( 330 ) : 532 – 548 .
  • Koenker , R. and Hallock , K. 2001 . Quantile regression: an introduction . Journal of Economic Perspectives , 15 ( 4 ) : 143 – 156 .
  • Mak , S.W.K. , Choy , L.H.T. and Ho , W.K.O. 2010 . Quantile regression estimates of Hong Kong real estate prices . Urban Studies , 47 ( 11 ) : 2461 – 2472 .
  • McMillen , D.P. 2008 . Changes in the distribution of houses prices over time: structural characteristics, neighborhood, or coefficients? . Journal of Urban Economics , 64 ( 3 ) : 573 – 589 .
  • McMillen , D.P. and Thorsnes , P. 2006 . Housing renovation and the quantile repeated-sales price index . Real Estate Economics , 34 ( 4 ) : 567 – 584 .
  • Newey , W. and West , K. 1987 . A simple positive semi-finite, heteroskedasticity and autocorrelation consistent covariance matrix . Econometrica , 55 ( 3 ) : 703 – 708 .
  • Pace , R.K. , Barry , R. , Clapp , J.M. and Rodriquez , M. 1998a . Spatiotemporal autoregressive models of neighborhood effects . Journal of Real Estate Finance and Economics , 17 ( 1 ) : 15 – 33 .
  • Pace , R.K. , Barry , R. and Sirmans , C.F. 1998b . Spatial statistics and real estate . Journal of Real Estate Finance and Economics , 17 ( 1 ) : 5 – 13 .
  • Pace , R.K. , Barry , R. , Gilley , O.W. and Sirmans , C.F. 2000 . A method for spatial-temporal forecasting with an application to real estate prices . International Journal of Forecasting , 16 : 229 – 246 .
  • Pollakowski , H.O. 1982 . Urban Housing Markets and Residential Location , Lexington , MA : DC Heath and Company .
  • Rating and Valuation Department (2012) Private Domestic Price Indices for Selected Popular Developments, available at http://www.rvd.gov.hk/en/publications/pro-review.htm(accessed 29 December 2011).
  • Ridker , R. and Henning , J. 1967 . The determinants of residential property values with special reference to air pollution . Review of Economics and Statistics , 49 ( 2 ) : 246 – 257 .
  • Rogers , W.H. 1993 . Calculation of quantile regression standard errors . Stata Technical Bulletin , 13 : 18 – 19 .
  • Rosen , S. 1974 . Hedonic prices and implicit markets: product differentiation in pure competition . Journal of Political Economy , 82 ( 1 ) : 34 – 55 .
  • Thibodeau , T.G. 1995 . House price indices from the 1984–1992 SMA American housing survey . Journal of Housing Research , 6 ( 3 ) : 439 – 481 .
  • White , H. 1980 . A heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity . Econometrica , 48 ( 4 ) : 817 – 838 .
  • Wilkinson , R.K. 1973 . House prices and the measurement of externalities . Economic Journal , 83 ( 1 ) : 72 – 86 .
  • Zahirovic-Herbert , V. and Chatterjee , S. 2012 . Historic preservation and residential property values: evidence from quantile regression . Urban Studies , 49 ( 2 ) : 369 – 382 .
  • Zietz , J. , Zietz , E.N. and Sirmans , G.S. 2008 . Determinant of housing prices: a quantile regression approach . Journal of Real Estate Finance and Economics , 37 ( 4 ) : 317 – 333 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.