Transaction‐Based Office Price Indexes: A Spatiotemporal Modeling Approach
研究了用两阶时空自回归模型和贝叶斯异方差稳健方法构建新加坡分层写字楼交易价格指数，减少交易稀疏问题，但对外围和低频交易物业效果有限。
This study examines the potential of a two‐order spatiotemporal autoregressive model with a Bayesian heteroskedasticity robust procedure in modeling strata‐titled Singapore office unit transaction prices and in constructing transaction‐based disaggregate office price indexes. The model reduces the problems caused by the infrequent trading of individual commercial properties. However, for those office properties that are located outside the CBD and also for those less frequently transacted, the power of the model in capturing these particular office buildings' price dynamics is limited. The significant differences of the office prices across the various office buildings and submarkets show that the model can capture the variation in office prices and track the timing of capital gains and losses that investors may accrue on spatially distributed office properties more accurately than hedonic or weighted least squares estimates.