spb/wp9_uqo Public
UQO Working Paper No. 9 — A grand hedonic model of the Canadian housing market: decomposing structure and location value.
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1% ============================================================================2% References — Hedonic Pricing of the Canadian Housing Market3% ============================================================================45@article{rosen1974hedonic,6 author = {Rosen, Sherwin},7 title = {Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition},8 journal = {Journal of Political Economy},9 volume = {82},10 number = {1},11 pages = {34--55},12 year = {1974}13}1415@article{lancaster1966new,16 author = {Lancaster, Kelvin J.},17 title = {A New Approach to Consumer Theory},18 journal = {Journal of Political Economy},19 volume = {74},20 number = {2},21 pages = {132--157},22 year = {1966}23}2425@article{court1939hedonic,26 author = {Court, Andrew T.},27 title = {Hedonic Price Indexes with Automotive Examples},28 journal = {The Dynamics of Automobile Demand, General Motors},29 pages = {99--117},30 year = {1939}31}3233@article{griliches1961hedonic,34 author = {Griliches, Zvi},35 title = {Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change},36 journal = {The Price Statistics of the Federal Government, NBER},37 pages = {173--196},38 year = {1961}39}4041@article{halvorsen1980interpretation,42 author = {Halvorsen, Robert and Palmquist, Raymond},43 title = {The Interpretation of Dummy Variables in Semilogarithmic Equations},44 journal = {American Economic Review},45 volume = {70},46 number = {3},47 pages = {474--475},48 year = {1980}49}5051@article{sirmans2005composition,52 author = {Sirmans, G. Stacy and Macpherson, David A. and Zietz, Emily N.},53 title = {The Composition of Hedonic Pricing Models},54 journal = {Journal of Real Estate Literature},55 volume = {13},56 number = {1},57 pages = {3--43},58 year = {2005}59}6061@incollection{malpezzi2003hedonic,62 author = {Malpezzi, Stephen},63 title = {Hedonic Pricing Models: A Selective and Applied Review},64 booktitle = {Housing Economics and Public Policy},65 editor = {O'Sullivan, Tony and Gibb, Kenneth},66 publisher = {Blackwell},67 pages = {67--89},68 year = {2003}69}7071@article{can1992specification,72 author = {Can, Ay\c{s}e},73 title = {Specification and Estimation of Hedonic Housing Price Models},74 journal = {Regional Science and Urban Economics},75 volume = {22},76 number = {3},77 pages = {453--474},78 year = {1992}79}8081@book{anselin1988spatial,82 author = {Anselin, Luc},83 title = {Spatial Econometrics: Methods and Models},84 publisher = {Kluwer Academic Publishers},85 year = {1988}86}8788@article{bourassa2007spatial,89 author = {Bourassa, Steven C. and Cantoni, Eva and Hoesli, Martin},90 title = {Spatial Dependence, Housing Submarkets, and House Price Prediction},91 journal = {Journal of Real Estate Finance and Economics},92 volume = {35},93 number = {2},94 pages = {143--160},95 year = {2007}96}9798@article{case2004modeling,99 author = {Case, Bradford and Clapp, John and Dubin, Robin and Rodriguez, Mauricio},100 title = {Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models},101 journal = {Journal of Real Estate Finance and Economics},102 volume = {29},103 number = {2},104 pages = {167--191},105 year = {2004}106}107108@article{kuminoff2010which,109 author = {Kuminoff, Nicolai V. and Parmeter, Christopher F. and Pope, Jaren C.},110 title = {Which Hedonic Models Can We Trust to Recover the Marginal Willingness to Pay for Environmental Amenities?},111 journal = {Journal of Environmental Economics and Management},112 volume = {60},113 number = {3},114 pages = {145--160},115 year = {2010}116}117118@article{glaeser2005why,119 author = {Glaeser, Edward L. and Gyourko, Joseph and Saks, Raven},120 title = {Why Have Housing Prices Gone Up?},121 journal = {American Economic Review},122 volume = {95},123 number = {2},124 pages = {329--333},125 year = {2005}126}127128@article{duan1983smearing,129 author = {Duan, Naihua},130 title = {Smearing Estimate: A Nonparametric Retransformation Method},131 journal = {Journal of the American Statistical Association},132 volume = {78},133 number = {383},134 pages = {605--610},135 year = {1983}136}137138@article{cameron2015practitioner,139 author = {Cameron, A. Colin and Miller, Douglas L.},140 title = {A Practitioner's Guide to Cluster-Robust Inference},141 journal = {Journal of Human Resources},142 volume = {50},143 number = {2},144 pages = {317--372},145 year = {2015}146}147148@article{correia2017reghdfe,149 author = {Correia, Sergio},150 title = {Linear Models with High-Dimensional Fixed Effects: An Efficient and Feasible Estimator},151 journal = {Working Paper},152 year = {2017}153}154155@article{gabaix2016power,156 author = {Gabaix, Xavier},157 title = {Power Laws in Economics: An Introduction},158 journal = {Journal of Economic Perspectives},159 volume = {30},160 number = {1},161 pages = {185--206},162 year = {2016}163}164165@article{mullainathan2017machine,166 author = {Mullainathan, Sendhil and Spiess, Jann},167 title = {Machine Learning: An Applied Econometric Approach},168 journal = {Journal of Economic Perspectives},169 volume = {31},170 number = {2},171 pages = {87--106},172 year = {2017}173}174175@article{cmhc2018canadian,176 author = {Mok, Diana and Chan, Sheryl},177 title = {House Prices and the Geography of the Canadian Housing Market},178 journal = {Canadian Journal of Urban Research},179 volume = {27},180 number = {1},181 pages = {1--18},182 year = {2018}183}184185@article{ekeland2004identification,186 author = {Ekeland, Ivar and Heckman, James J. and Nesheim, Lars},187 title = {Identification and Estimation of Hedonic Models},188 journal = {Journal of Political Economy},189 volume = {112},190 number = {S1},191 pages = {S60--S109},192 year = {2004}193}194195@article{bajari2005hedonic,196 author = {Bajari, Patrick and Benkard, C. Lanier},197 title = {Demand Estimation with Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach},198 journal = {Journal of Political Economy},199 volume = {113},200 number = {6},201 pages = {1239--1276},202 year = {2005}203}204205@article{black1999better,206 author = {Black, Sandra E.},207 title = {Do Better Schools Matter? Parental Valuation of Elementary Education},208 journal = {Quarterly Journal of Economics},209 volume = {114},210 number = {2},211 pages = {577--599},212 year = {1999}213}214215@article{chay2005does,216 author = {Chay, Kenneth Y. and Greenstone, Michael},217 title = {Does Air Quality Matter? Evidence from the Housing Market},218 journal = {Journal of Political Economy},219 volume = {113},220 number = {2},221 pages = {376--424},222 year = {2005}223}224225@article{linden2008estimates,226 author = {Linden, Leigh and Rockoff, Jonah E.},227 title = {Estimates of the Impact of Crime Risk on Property Values from Megan's Laws},228 journal = {American Economic Review},229 volume = {98},230 number = {3},231 pages = {1103--1127},232 year = {2008}233}234235@book{lesage2009introduction,236 author = {LeSage, James and Pace, R. Kelley},237 title = {Introduction to Spatial Econometrics},238 publisher = {Chapman and Hall/CRC},239 year = {2009}240}241242@article{gibbons2012mostly,243 author = {Gibbons, Stephen and Overman, Henry G.},244 title = {Mostly Pointless Spatial Econometrics?},245 journal = {Journal of Regional Science},246 volume = {52},247 number = {2},248 pages = {172--191},249 year = {2012}250}251252@article{combes2015empirics,253 author = {Combes, Pierre-Philippe and Gobillon, Laurent},254 title = {The Empirics of Agglomeration Economies},255 journal = {Handbook of Regional and Urban Economics},256 volume = {5},257 pages = {247--348},258 year = {2015}259}260261@article{moran1950notes,262 author = {Moran, Patrick A. P.},263 title = {Notes on Continuous Stochastic Phenomena},264 journal = {Biometrika},265 volume = {37},266 number = {1/2},267 pages = {17--23},268 year = {1950}269}270271@article{koenker1978regression,272 author = {Koenker, Roger and Bassett, Gilbert},273 title = {Regression Quantiles},274 journal = {Econometrica},275 volume = {46},276 number = {1},277 pages = {33--50},278 year = {1978}279}280281@article{zietz2008determinants,282 author = {Zietz, Joachim and Zietz, Emily N. and Sirmans, G. Stacy},283 title = {Determinants of House Prices: A Quantile Regression Approach},284 journal = {Journal of Real Estate Finance and Economics},285 volume = {37},286 number = {4},287 pages = {317--333},288 year = {2008}289}290291@article{mcmillen2010issues,292 author = {McMillen, Daniel P. and Redfearn, Christian L.},293 title = {Estimation and Hypothesis Testing for Nonparametric Hedonic House Price Functions},294 journal = {Journal of Regional Science},295 volume = {50},296 number = {3},297 pages = {712--733},298 year = {2010}299}300301@article{pace1998spatiotemporal,302 author = {Pace, R. Kelley and Barry, Ronald and Clapp, John M. and Rodriquez, Mauricio},303 title = {Spatiotemporal Autoregressive Models of Neighborhood Effects},304 journal = {Journal of Real Estate Finance and Economics},305 volume = {17},306 number = {1},307 pages = {15--33},308 year = {1998}309}310311% ============================================================================312% Added in the v1.2 scholarly upgrade (2026-08-05).313% Every entry verified against Crossref (DOI lookup) or publisher records.314% ============================================================================315316% ---- Urban spatial structure / monocentric tradition ----317@book{alonso1964location,318 author = {Alonso, William},319 title = {Location and Land Use: Toward a General Theory of Land Rent},320 publisher = {Harvard University Press},321 address = {Cambridge, MA},322 year = {1964}323}324@book{muth1969cities,325 author = {Muth, Richard F.},326 title = {Cities and Housing: The Spatial Pattern of Urban Residential Land Use},327 publisher = {University of Chicago Press},328 address = {Chicago},329 year = {1969}330}331@article{mills1967aggregative,332 author = {Mills, Edwin S.},333 title = {An Aggregative Model of Resource Allocation in a Metropolitan Area},334 journal = {American Economic Review},335 year = {1967},336 volume = {57},337 number = {2},338 pages = {197--210}339}340@article{ahlfeldt2015density,341 author = {Ahlfeldt, Gabriel M. and Redding, Stephen J. and Sturm, Daniel M. and Wolf, Nikolaus},342 title = {The Economics of Density: Evidence from the {B}erlin {W}all},343 journal = {Econometrica},344 year = {2015},345 volume = {83},346 number = {6},347 pages = {2127--2189},348 doi = {10.3982/ECTA10876}349}350351% ---- Land value and the location share of housing ----352@article{davis2007price,353 author = {Davis, Morris A. and Heathcote, Jonathan},354 title = {The Price and Quantity of Residential Land in the {U}nited {S}tates},355 journal = {Journal of Monetary Economics},356 year = {2007},357 volume = {54},358 number = {8},359 pages = {2595--2620},360 doi = {10.1016/j.jmoneco.2007.06.023}361}362@article{knoll2017no,363 author = {Knoll, Katharina and Schularick, Moritz and Steger, Thomas},364 title = {No Price Like Home: Global House Prices, 1870--2012},365 journal = {American Economic Review},366 year = {2017},367 volume = {107},368 number = {2},369 pages = {331--353},370 doi = {10.1257/aer.20150501}371}372@article{albouy2016cities,373 author = {Albouy, David},374 title = {What Are Cities Worth? {L}and Rents, Local Productivity, and the Total Value of Amenities},375 journal = {Review of Economics and Statistics},376 year = {2016},377 volume = {98},378 number = {3},379 pages = {477--487},380 doi = {10.1162/REST_a_00550}381}382@article{cheshire1995price,383 author = {Cheshire, Paul and Sheppard, Stephen},384 title = {On the Price of Land and the Value of Amenities},385 journal = {Economica},386 year = {1995},387 volume = {62},388 number = {246},389 pages = {247--267},390 doi = {10.2307/2554906}391}392393% ---- Supply constraints and superstar cities ----394@article{saiz2010geographic,395 author = {Saiz, Albert},396 title = {The Geographic Determinants of Housing Supply},397 journal = {Quarterly Journal of Economics},398 year = {2010},399 volume = {125},400 number = {3},401 pages = {1253--1296},402 doi = {10.1162/qjec.2010.125.3.1253}403}404@article{gyourko2013superstar,405 author = {Gyourko, Joseph and Mayer, Christopher and Sinai, Todd},406 title = {Superstar Cities},407 journal = {American Economic Journal: Economic Policy},408 year = {2013},409 volume = {5},410 number = {4},411 pages = {167--199},412 doi = {10.1257/pol.5.4.167}413}414415% ---- House-price indices ----416@article{bailey1963regression,417 author = {Bailey, Martin J. and Muth, Richard F. and Nourse, Hugh O.},418 title = {A Regression Method for Real Estate Price Index Construction},419 journal = {Journal of the American Statistical Association},420 year = {1963},421 volume = {58},422 number = {304},423 pages = {933--942},424 doi = {10.1080/01621459.1963.10480679}425}426@article{case1989efficiency,427 author = {Case, Karl E. and Shiller, Robert J.},428 title = {The Efficiency of the Market for Single-Family Homes},429 journal = {American Economic Review},430 year = {1989},431 volume = {79},432 number = {1},433 pages = {125--137}434}435@article{hill2013hedonic,436 author = {Hill, Robert J.},437 title = {Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy},438 journal = {Journal of Economic Surveys},439 year = {2013},440 volume = {27},441 number = {5},442 pages = {879--914},443 doi = {10.1111/j.1467-6419.2012.00731.x}444}445446% ---- Housing submarkets ----447@article{goodman1998housing,448 author = {Goodman, Allen C. and Thibodeau, Thomas G.},449 title = {Housing Market Segmentation},450 journal = {Journal of Housing Economics},451 year = {1998},452 volume = {7},453 number = {2},454 pages = {121--143},455 doi = {10.1006/jhec.1998.0229}456}457@article{bourassa2003submarkets,458 author = {Bourassa, Steven C. and Hoesli, Martin and Peng, Vincent S.},459 title = {Do Housing Submarkets Really Matter?},460 journal = {Journal of Housing Economics},461 year = {2003},462 volume = {12},463 number = {1},464 pages = {12--28},465 doi = {10.1016/S1051-1377(03)00003-2}466}467468% ---- Spatial dependence in hedonic empirics ----469@article{dubin1988estimation,470 author = {Dubin, Robin A.},471 title = {Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms},472 journal = {Review of Economics and Statistics},473 year = {1988},474 volume = {70},475 number = {3},476 pages = {466--474},477 doi = {10.2307/1926785}478}479@article{basu1998analysis,480 author = {Basu, Sabyasachi and Thibodeau, Thomas G.},481 title = {Analysis of Spatial Autocorrelation in House Prices},482 journal = {Journal of Real Estate Finance and Economics},483 year = {1998},484 volume = {17},485 number = {1},486 pages = {61--85},487 doi = {10.1023/A:1007703229507}488}489@article{dube2013spatiotemporal,490 author = {Dub{\'e}, Jean and Legros, Diego},491 title = {A Spatio-temporal Measure of Spatial Dependence: An Example Using Real Estate Data},492 journal = {Papers in Regional Science},493 year = {2013},494 volume = {92},495 number = {1},496 pages = {19--30},497 doi = {10.1111/j.1435-5957.2011.00402.x}498}499500% ---- Capitalization theory ----501@article{tiebout1956pure,502 author = {Tiebout, Charles M.},503 title = {A Pure Theory of Local Expenditures},504 journal = {Journal of Political Economy},505 year = {1956},506 volume = {64},507 number = {5},508 pages = {416--424},509 doi = {10.1086/257839}510}511@article{oates1969effects,512 author = {Oates, Wallace E.},513 title = {The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the {T}iebout Hypothesis},514 journal = {Journal of Political Economy},515 year = {1969},516 volume = {77},517 number = {6},518 pages = {957--971},519 doi = {10.1086/259584}520}521@article{roback1982wages,522 author = {Roback, Jennifer},523 title = {Wages, Rents, and the Quality of Life},524 journal = {Journal of Political Economy},525 year = {1982},526 volume = {90},527 number = {6},528 pages = {1257--1278},529 doi = {10.1086/261120}530}531532% ---- Hedonic identification (second stage) ----533@article{epple1987hedonic,534 author = {Epple, Dennis},535 title = {Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products},536 journal = {Journal of Political Economy},537 year = {1987},538 volume = {95},539 number = {1},540 pages = {59--80},541 doi = {10.1086/261441}542}543544% ---- List prices, search and housing microstructure ----545@article{genesove2001loss,546 author = {Genesove, David and Mayer, Christopher},547 title = {Loss Aversion and Seller Behavior: Evidence from the Housing Market},548 journal = {Quarterly Journal of Economics},549 year = {2001},550 volume = {116},551 number = {4},552 pages = {1233--1260},553 doi = {10.1162/003355301753265561}554}555@incollection{han2015microstructure,556 author = {Han, Lu and Strange, William C.},557 title = {The Microstructure of Housing Markets: Search, Bargaining, and Brokerage},558 booktitle = {Handbook of Regional and Urban Economics},559 volume = {5},560 publisher = {Elsevier},561 year = {2015},562 pages = {813--886},563 doi = {10.1016/B978-0-444-59531-7.00013-2}564}565@article{kiel2008location,566 author = {Kiel, Katherine A. and Zabel, Jeffrey E.},567 title = {Location, Location, Location: The 3{L} Approach to House Price Determination},568 journal = {Journal of Housing Economics},569 year = {2008},570 volume = {17},571 number = {2},572 pages = {175--190},573 doi = {10.1016/j.jhe.2007.12.002}574}575576% ---- Automated valuation and mass appraisal ----577@article{clapp2003semiparametric,578 author = {Clapp, John M.},579 title = {A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation},580 journal = {Journal of Real Estate Finance and Economics},581 year = {2003},582 volume = {27},583 number = {3},584 pages = {303--320},585 doi = {10.1023/A:1025838007297}586}587@article{mccluskey2013prediction,588 author = {McCluskey, William J. and McCord, Michael and Davis, Peadar T. and Haran, Martin and McIlhatton, David},589 title = {Prediction Accuracy in Mass Appraisal: A Comparison of Modern Approaches},590 journal = {Journal of Property Research},591 year = {2013},592 volume = {30},593 number = {4},594 pages = {239--265},595 doi = {10.1080/09599916.2013.781204}596}597598% ---- Canadian hedonic evidence ----599@article{desrosiers1996shopping,600 author = {Des Rosiers, Fran{\c c}ois and Lagana, Antonio and Th{\'e}riault, Marius and Beaudoin, Marcel},601 title = {Shopping Centres and House Values: An Empirical Investigation},602 journal = {Journal of Property Valuation and Investment},603 year = {1996},604 volume = {14},605 number = {4},606 pages = {41--62},607 doi = {10.1108/14635789610153461}608}609@article{desrosiers2002landscaping,610 author = {Des Rosiers, Fran{\c c}ois and Th{\'e}riault, Marius and Kestens, Yan and Villeneuve, Paul},611 title = {Landscaping and House Values: An Empirical Investigation},612 journal = {Journal of Real Estate Research},613 year = {2002},614 volume = {23},615 number = {1--2},616 pages = {139--162},617 doi = {10.1080/10835547.2002.12091072}618}619@article{haider2000effects,620 author = {Haider, Murtaza and Miller, Eric J.},621 title = {Effects of Transportation Infrastructure and Location on Residential Real Estate Values: Application of Spatial Autoregressive Techniques},622 journal = {Transportation Research Record},623 year = {2000},624 volume = {1722},625 number = {1},626 pages = {1--8},627 doi = {10.3141/1722-01}628}629630% ---- High-dimensional fixed-effects methodology ----631@article{abowd1999high,632 author = {Abowd, John M. and Kramarz, Francis and Margolis, David N.},633 title = {High Wage Workers and High Wage Firms},634 journal = {Econometrica},635 year = {1999},636 volume = {67},637 number = {2},638 pages = {251--333},639 doi = {10.1111/1468-0262.00020}640}641@article{guimaraes2010simple,642 author = {Guimar{\~a}es, Paulo and Portugal, Pedro},643 title = {A Simple Feasible Procedure to Fit Models with High-Dimensional Fixed Effects},644 journal = {Stata Journal},645 year = {2010},646 volume = {10},647 number = {4},648 pages = {628--649},649 doi = {10.1177/1536867X1001000406}650}651