A varying coefficient approach to estimating hedonic housing price functions and their quantiles
文献类型：期刊论文
| 作者 | Wan, Alan T. K.1; Xie, Shangyu2; Zhou, Yong3,4
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| 刊名 | JOURNAL OF APPLIED STATISTICS
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| 出版日期 | 2017 |
| 卷号 | 44期号:11页码:1979-1999 |
| ISSN号 | 0266-4763 |
| 关键词 | Hedonic price function heterogeneity housing kernel estimation quantile regression varying-coefficient |
| DOI | 10.1080/02664763.2016.1238053 |
| 英文摘要 | The varying coefficient (VC) model introduced by Hastie and Tibshirani [26] is arguably one of the most remarkable recent developments in nonparametric regression theory. The VC model is an extension of the ordinary regression model where the coefficients are allowed to vary as smooth functions of an effect modifier possibly different from the regressors. The VC model reduces the modelling bias with its unique structure while also avoiding the curse of dimensionality' problem. While the VC model has been applied widely in a variety of disciplines, its application in economics has been minimal. The central goal of this paper is to apply VC modelling to the estimation of a hedonic house price function using data from Hong Kong, one of the world's most buoyant real estate markets. We demonstrate the advantages of the VC approach over traditional parametric and semi-parametric regressions in the face of a large number of regressors. We further combine VC modelling with quantile regression to examine the heterogeneity of the marginal effects of attributes across the distribution of housing prices. |
| WOS研究方向 | Mathematics |
| 语种 | 英语 |
| 出版者 | TAYLOR & FRANCIS LTD |
| WOS记录号 | WOS:000404347600006 |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/25904]  |
| 专题 | 应用数学研究所 |
| 通讯作者 | Wan, Alan T. K. |
| 作者单位 | 1.City Univ Hong Kong, Dept Management Sci, Kowloon, Hong Kong, Peoples R China 2.Univ Int Business & Econ, Sch Banking & Finance, Beijing, Peoples R China 3.Chinese Acad Sci, Acad Math & Syst Sci, Beijing, Peoples R China 4.Shanghai Univ Finance & Econ, Sch Stat & Management, Shanghai, Peoples R China |
| 推荐引用方式 GB/T 7714 | Wan, Alan T. K.,Xie, Shangyu,Zhou, Yong. A varying coefficient approach to estimating hedonic housing price functions and their quantiles[J]. JOURNAL OF APPLIED STATISTICS,2017,44(11):1979-1999. |
| APA | Wan, Alan T. K.,Xie, Shangyu,&Zhou, Yong.(2017).A varying coefficient approach to estimating hedonic housing price functions and their quantiles.JOURNAL OF APPLIED STATISTICS,44(11),1979-1999. |
| MLA | Wan, Alan T. K.,et al."A varying coefficient approach to estimating hedonic housing price functions and their quantiles".JOURNAL OF APPLIED STATISTICS 44.11(2017):1979-1999. |
入库方式： OAI收割
来源：数学与系统科学研究院
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