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Semiparametric Model of Hedonic Housing Prices in Japan

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We propose a semiparametric hedonic model of housing prices with nonlinearity in age and cohort effects. The model avoids the simultaneity problem among age, cohort and year effects, which is a common problem in linear hedonic models. Applying the model to housing prices in Tokyo between 1990 and 2008 revealed significant nonlinearities in both the age and cohort effects, and significant interactions between these effects, with the shape of the age effect differing across housing cohorts. Estimates of the year effect indicated a declining trend in prices that was more pronounced compared with those of conventional linear hedonic models.
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Keywords: C14; R21; R31; age effect; cohort effect; generalized additive model; hedonic price index

Document Type: Research Article

Publication date: December 1, 2015

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