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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. 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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