Determinants of House Price: A Decision Tree Approach.
The hedonic-based regression approach has been utilised extensively to investigate the relationship between house prices and housing characteristics. However, this approach is subject to criticisms arising from potential problems relating to fundamental model assumptions and estimation such as the i...
| Publicado en: | Urban Studies (Routledge) Vol. 43; no. 12; pp. 2301 - 2316 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Taylor & Francis Ltd
Nov2006
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=23148559&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 23148559 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00420980 UST jtl: Urban Studies (Routledge) issn: 00420980 maglogo: Y pubinfo: dt: Nov2006 vid: 43 iid: 12 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 23148559 10.1080/00420980600990928 ppf: 2301 ppct: 15 formats: fmt: @attributes: type: P size: 285KB tig: atl: Determinants of House Price: A Decision Tree Approach. aug: au: Fan, Gang-Zhi Ong, Seow Eng Koh, Hian Chye affil: Department of Real Estate, School of Design and Environment, National University of Singapore, 4 Architecture Drive, Singapore, 117566. School of Business, SIM University, Clementi Road, Singapore, 599491. su: Home prices Housing market Supply & demand Housing development Apartments Singapore sug: subj: Singapore Home prices Housing market Supply & demand Housing development Apartments ab: The hedonic-based regression approach has been utilised extensively to investigate the relationship between house prices and housing characteristics. However, this approach is subject to criticisms arising from potential problems relating to fundamental model assumptions and estimation such as the identification of supply and demand, market disequilibrium, the selection of independent variables, the choice of functional form of hedonic equation and market segmentation. This study introduces and utilises an alternative approach—the decision tree approach, which is an important statistical pattern recognition tool. Using the Singapore resale public housing market as a case study, the article demonstrates the usefulness of this technique in examining the relationship between house prices and housing characteristics, identifying the significant determinants of housing prices and predicting housing prices. The built tree shows that homebuyers are more concerned about the basic housing characteristics of two- and three-room flats or four-room flats such as floor area, model type and flat age. However, homebuyers of five-room flats pay more attention to floor level in addition to the basic housing characteristics. In addition, homebuyers of executive apartments are less concerned about basic quantitative characteristics and have higher housing consumption expectations and pay more attention to ‘quality’ and service characteristics such as recreational facilities and the living environment. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Urban Studies (Routledge) is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Urban Studies (Routledge) holder: Taylor & Francis Ltd dt: @attributes: year: 2006 holdings: @attributes: islocal: N |
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