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Hedonic models and real estate submarkets: the estimation of the housing characteristic "location" in Italy by using the binary variables "zone OMI"
Journal Title: RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO 
Author/s: Mauro Iacobini, Gaetano Lisi 
Year:  2016 Issue: Language: Italian 
Pages:  28 Pg. 43-70 FullText PDF:  384 KB
DOI:  10.3280/REST2016-002002
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This paper has two main goals. The first is to show that the multiple regression analysis can be used for estimating the hedonic prices also in a particular context such as the Italian housing market, characterised by a strong heterogeneity of property assets and a limited number of housing sales. The second goal is to catch the effect of the characteristic "location" on the house price in a very simple way, without resorting to the spatial models. To achieving these goals, we match the information relating to different submarkets that exist within a city. Indeed, the housing market of each (medium or large) Italian city is subdivided into the so-called "zone OMI" that exactly identify real estate submarkets.
Keywords: Multiple regression analysis, hedonic models, hedonic prices, location, real estate submarkets, binary variables "zone OMI"
Jel Code: C1, C13, R21, R31.

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Mauro Iacobini, Gaetano Lisi, Hedonic models and real estate submarkets: the estimation of the housing characteristic "location" in Italy by using the binary variables "zone OMI" in "RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO" 2/2016, pp. 43-70, DOI:10.3280/REST2016-002002

   

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