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% UQO Working Paper No. 1
% Heterogeneous Amenity Capitalization in the Quebec Residential Market:
% A Spatial Quantile Regression Approach
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\hypersetup{pdftitle={Heterogeneous Amenity Capitalization in the Quebec Residential Market: A Spatial Quantile Regression Approach}, pdfauthor={Simon-Pierre Boucher}}

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\fancyhead[L]{\small\itshape Heterogeneous Amenity Capitalization in the Quebec Residential Market}
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\newcommand{\WPnumber}{1}
\newcommand{\WPtitle}{Heterogeneous Amenity Capitalization in the Quebec Residential Market: A Spatial Quantile Regression Approach}
\newcommand{\WPsubtitle}{}
\newcommand{\WPdate}{October 2026}
\newcommand{\WPversion}{1.1}
\newcommand{\WPabstract}{%
Hedonic regressions estimated at the conditional mean impose a single implicit price for each housing attribute across the price distribution. This paper asks whether the capitalisation of neighbourhood amenities into Quebec residential asking prices varies along the conditional price distribution, and whether it survives an adjustment for spatial dependence. Using a January 2026 snapshot of 42,481 Centris listings in four segments---single-family houses, condominiums, multiplexes and vacant land---we estimate quantile regressions at $\tau \in \{0.10, 0.25, 0.50, 0.75, 0.90\}$ and a two-stage spatial quantile regression in which a $k$-nearest-neighbour spatial lag of neighbouring log prices is instrumented by spatially lagged covariates. For houses, the coefficients of the highway, transit and park indicators decline monotonically along the distribution (highway from 0.205 at $\tau = 0.10$ to 0.034 at $\tau = 0.90$; transit from 0.178 to 0.053; park from 0.122 to 0.014) and the hospital indicator changes sign (from $-$0.085 to $+$0.041); the equality of the tail coefficients is rejected for all four, while the school discount of about 11 log points is constant. Condominiums show no detectable heterogeneity; multiplexes and vacant land show it for two amenities each. Moran's $I$ on OLS residuals lies between 0.51 and 0.58 in every segment; the median spatial-lag coefficient ranges from 0.13 (multiplexes) to 0.32 (land), and its introduction attenuates the median highway, transit and school differentials for houses by a third to a half. The estimates are quantile-specific capitalisation gradients in asking prices, not willingness-to-pay measures; inference relies on a paired bootstrap that ignores spatial dependence, and the spatial-lag coefficients carry no standard errors. All reported figures are drawn from the preserved log of the original estimation run, and the robustness analyses that a re-estimation should provide are stated explicitly.%
}
\newcommand{\WPkeywords}{hedonic price function, quantile regression, spatial lag, amenity capitalisation, implicit prices, housing submarkets, asking prices, Quebec}
\newcommand{\WPjel}{R31, C21, C31, Q51}

% --- Author ---
\newcommand{\WPauthor}{Simon-Pierre Boucher}
\newcommand{\WPaffiliation}{%
  D\'epartement des sciences administratives\\
  Universit\'e du Qu\'ebec en Outaouais%
}
\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}
\newcommand{\WPaddress}{%
  Gatineau -- Pavillon Alexandre-Tach\'e\\
  283, boulevard Alexandre-Tach\'e\\
  Gatineau, Qu\'ebec, Canada J9A 1L8%
}

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\input{sections/results}
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