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Journal of Zhejiang University SCIENCE A
ISSN 1673-565X(Print), 1862-1775(Online), Monthly
2005 Vol.6 No.8 P.907-914
Hedonic price analysis of urban housing: An empirical research on Hangzhou, China
Abstract: The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts: Lancaster’s partiality theory and Rosen’s characteristic market equilibrium analysis. This paper chose 18 characteristics as independent variables and set up a linear hedonic price model for Hangzhou City. The model was tested with 2473 housing samples and field survey data of 290 housing communities. This research found that 14 out of 18 characteristics had significant influence on housing price. They were classified into 5 groups according to their impact degree.
Key words: Housing price, Housing characteristics, Hedonic price model
References:
[1] Chang, H.J., Lee, Y.H., 1999. The specification of hedonic price model for Taipei housing market. International Journal of Information and Management Sciences, 10(4):1-14.
[2] Chau, K.W., Ng, F.F., Hung, E.C.T., 2001. Developer’s good will as significant influence on apartment unit prices. Appraisal Journal, 69:26-34.
[3] Chin, T.L., Chau, K.W., 2003. A critical review of literature on the hedonic price model. International Journal for Housing Science and Its Applications, 27(2):145-165.
[4] Colwell, P.F., Dilmore, G., 1999. Who was first? An examination of an early hedonic study. Land Economics, 75(4):620-626.
[5] Goodman, A.C., 1998. Andrew Court and the invention of hedonic price analysis. Journal of Urban Economics, 44(2):291-298.
[6] Haas, G.C., 1922. A Statistical Analysis of Farm Sales in Blue Earth County, Minnesota, As a Basis for Farmland Appraisal. Masters Thesis, the University of Minnesota.
[7] Harsman, B., Quigley, J.M., 1991. Housing Markets and Housing Institutions: An International Comparison. Kluwer Academic, Boston.
[8] Lancaster, K.J., 1966. A new approach to consumer theory. Journal of Political Economy, 74(1):132-157.
[9] Ma, S.X., Li, Y., 2003. House price and its determinations in Beijing based on hedonic model. Journal of Civil Engineering, 36(9):59-64 (in Chinese).
[10] Palmquist, R.B., 1984. Estimating the demand for the characteristics of housing. Review of Economics and Statistics, 66:394-404.
[11] Ridker, R.G., Henning, J.A., 1967. The determinants of residential property values with special reference to air pollution. The Review of Economics and Statistics, 49:246-257.
[12] Rosen, S., 1976. Hedonic prices and implicit markets: Product differentiation in pure competition. Journal of Political Economy, 82(1):35-55.
[13] Wallace, H.A., 1926. Comparative farmland values in iowa. Journal of Land and Public Utility Economics, 2:385-392.
[14] Waugh, F.V., 1928. Quality factors influencing vegetable prices. Journal of Farm Economics, 10:185-196.
[15] Wen, H.Z., 2004. Hedonic Price of Urban Housing: Theoretical and Empirical Research. Ph.D Dissertation, Zhejiang University (in Chinese).
Open peer comments: Debate/Discuss/Question/Opinion
<1>
darshana<dabeysekara@yahoo.com>
2019-05-15 17:56:28
The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products
Tri Prijana<3prijana@gmail.com>
2017-04-23 06:55:16
Could you sent me more detail, i like to know more detail. I am student of the university of padjajaran bandung indonesia. thanks.
Tri Prijana<3prijana@gmail.com>
2017-04-23 06:53:04
I would like to know more detail, please sent me. i am student of university Padjajaran Bandung Indonesia
oliver mann@central university college<mannaddo@gmail.com>
2014-03-03 19:50:53
pls can have a copy of the work as a case study for me in ghana. thanks
darshana@valuer<dabeysekara@yahoo.com>
2013-07-13 20:07:38
very good research. i am msc student. i have following your research.please sent me your questionnaire you.
doyin @doyin inc <adedoyinestateme@yahoo.com>
2011-02-23 23:10:47
like to have more details on hedonic
DOI:
10.1631/jzus.2005.A0907
CLC number:
F290; TU976
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Received:
2004-09-18
Revision Accepted:
2005-02-18
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