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Record W4379232714 · doi:10.3390/jrfm16060291

Delineating Housing Submarkets Using Space–Time House Sales Data: Spatially Constrained Data-Driven Approaches

2023· article· en· W4379232714 on OpenAlexvenueno aff
Mei‐Fang Chen, Yongwan Chun, Daniel A. Griffith

Bibliographic record

VenueJournal of risk and financial management · 2023
Typearticle
Languageen
FieldEconomics, Econometrics and Finance
TopicHousing Market and Economics
Canadian institutionsnot available
Fundersnot available
KeywordsReal estateTransaction dataSpace timeUrban sprawlGentrificationDatabase transactionSpace (punctuation)Computer scienceEconometricsOrder (exchange)EconomicsUrban planningDatabaseFinanceCivil engineering

Abstract

fetched live from OpenAlex

With the increasing availability of large volumes of space–time house data, delineating space–time housing submarkets is of interest to real estate agents, homebuyers, urban policymakers, and spatial researchers, among others. Appropriately delineated housing submarkets can help nurture submarket monitoring and housing policy developments. Although submarkets are often expected to represent areas with similar houses, neighborhoods, and amenities characteristics, delineating spatially contiguous areas with virtually no fragmented small areas remains challenging. Furthermore, housing submarkets can potentially change over time along with concomitant urban transformations, such as urban sprawl, gentrification, and infrastructure improvements, even in large metropolitan areas, which can complicate delineating submarkets with data for lengthy time periods. This study proposes a new method for integrating a random effects model with spatially constrained data-driven approaches in order to identify stable and reliable space–time housing submarkets, instead of their dynamic changes. This random effects model specification is expected to capture time-invariant spatial patterns, which can help identify stable submarkets over time. It highlights two spatially constrained data-driven approaches, ClustGeo and REDCAP, which perform equally well and produce similar space–time housing submarket structures. This proposed method is utilized for a case study of Franklin County, Ohio, using 19 years of space–time private house transaction data (2001–2019). A comparative analysis using a hedonic model demonstrates that the resulting submarkets generated by the proposed method perform better than popular alternative submarket creators in terms of model performances and house price predictions. Enhanced space–time housing delineation can furnish a way to better understand the sophisticated housing market structures, and to help enhance their modeling and housing policy. This paper contributes to the literature on space–time housing submarket delineations with enhanced approaches to effectively generate spatially constrained housing submarkets using data-driven methods.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.003
metaresearch head score (Gemma)0.000
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesMeta-epidemiology (narrow)
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Simulation or modeling · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.841
Threshold uncertainty score1.000

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0030.000
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0010.000
Bibliometrics0.0010.000
Science and technology studies0.0000.000
Scholarly communication0.0000.001
Open science0.0010.001
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0000.000

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.092
GPT teacher head0.241
Teacher spread0.149 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; a candidate call from one teacher head, not a consensus.

Study designSimulation or modeling
Domainnot available
GenreEmpirical

How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".

Quick stats

Citations7
Published2023
Admission routes1
Has abstractyes

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