Examining the vintage effect in hedonic pricing using spatially varying coefficients models: a case study of single-family houses in the Canton of Zurich

被引：0

作者：

Dambon J.A. ^{[1
,2
]}

Fahrländer S.S. ^{[3
]}

Karlen S. ^{[3
]}

Lehner M. ^{[3
]}

Schlesinger J. ^{[3
]}

Sigrist F. ^{[2
]}

Zimmermann A. ^{[3
]}

机构：

[1] Department of Mathematics, University of Zurich, Winterthurerstrasse 190, Zurich

[2] Institute of Financial Services Zug (IFZ), Lucerne University of Applied Sciences and Arts, Suurstoffi 1, Rotkreuz

[3] Fahrländer Partner Raumentwicklung, Seebahnstrasse 89, Zurich

来源：

Swiss Journal of Economics and Statistics | / 158卷 / 1期

关键词：

Gaussian process; Mass appraisal; Real estate; Spatial statistics;

D O I：

10.1186/s41937-021-00080-2

中图分类号：

学科分类号：

摘要：

This article examines the spatially varying effect of age on single-family house (SFH) prices. Age has been shown to be a key driver for house depreciation and is usually associated with a negative price effect. In practice, however, there exist deviations from this behavior which are referred to as vintage effects. We estimate a spatially varying coefficients (SVC) model to investigate the spatial structures of vintage effects on SFH pricing. For SFHs in the Canton of Zurich, Switzerland, we find substantial spatial variation in the age effect. In particular, we find a local, strong vintage effect primarily in urban areas compared to pure depreciative age effects in rural locations. Using cross validation, we assess the potential improvement in predictive performance by incorporating spatially varying vintage effects in hedonic models. We find a substantial improvement in out-of-sample predictive performance of SVC models over classical spatial hedonic models. © 2022, The Author(s).

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