A spatio-temporal autoregressive model for multi-unit residential market analysis

Sun Hua
By splitting spatial effects into building and neighborhood effects, this paper introduces a two order spatio-temporal autoregressive model with the consideration of heteroscedasticity problem arising from the nature of the data. The empirical results based on 55282 condominium transactions in Singapore from 1990 to 1999 show that in multi-unit residential market, a two order spatio-temporal autoregressive model incorporates more spatial information into the model, thus outperforms the models originally developed in the market for single...
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