Exploring a multilevel approach with spatial effects to model housing price in San José, Costa Rica

 

Enregistré dans:
Détails bibliographiques
Auteur: Pérez Molina, Eduardo
Format: artículo original
Date de publication:2021
Description:A multilevel model of the housing market for San Jose Metropolitan Region (Costa Rica) was developed, including spatial effects. Hierarchical relations (lower level units nested into higher level) were modeled by specifying multilevel models with random intercepts and a conditional autoregressive (CAR) term to include spatial effects from neighboring units at the higher level (districts). The random intercepts and conditional autoregressive models presented the best fit to the data. Variation at the higher level accounted for 16% of variance in the random intercepts model and 28% in the CAR model. The sign and magnitude of regression coefficients proved remarkably stable across model specifications. Multilevel and CAR models represented an important improvement in modeling housing price, despite most of the variation still occurring at the lower level, by improving the overall model fit and expanding the interpretation of model results. However, the CAR specification only represented a limited advance over the random intercepts formulation.
Pays:Kérwá
Institution:Universidad de Costa Rica
Repositorio:Kérwá
Langue:Inglés
OAI Identifier:oai:kerwa.ucr.ac.cr:10669/86582
Accès en ligne:https://journals.sagepub.com/doi/full/10.1177/23998083211041122
https://hdl.handle.net/10669/86582
Mots-clés:Multilevel
Conditional autoregressive model
Housing prices
SAN JOSÉ (COSTA RICA)