Endogenous Spatial Regression and Delineation of Submarkets: A New Framework with Application to Housing Markets
内生空间回归与子市场划分：新框架及其住房市场应用
Summary Housing submarkets have been defined by different criteria: (i) similarity in house attributes; (ii) similarity in hedonic prices; and (iii) substitutability of houses. We show that spatial clustering on (i) and (ii) also satisfies criterion (iii) and develop inferences based on functional linear regression of a hedonic house price model. Then, we delineate submarkets by clustering (jointly) on the surfaces of the estimated functional partial effects and housing…