Preços hedônicos no mercado imobiliário comercial de São Paulo: a abordagem da modelagem multinível com classificação cruzada

Autores

  • Luiz Paulo Lopes Fávero Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade. Departamento de Contabilidade e Atuária

DOI:

https://doi.org/10.1590/S0101-41612011000400005

Palavras-chave:

preços de aluguel de escritórios, preços hedônicos, modelos multinível com classificação cruzada (HCM2), modelos hierárquicos lineares (HLM)

Resumo

Os modelos de preços hedônicos frequentemente não levam em consideração a natureza hierárquica com classificação cruzada existente no mercado de aluguel de escritórios. Este artigo emprega um modelo multinível com classificação cruzada (HCM2), com o intuito de examinar a influência das características dos imóveis, dos distritos e das zonas comerciais sobre os preços de aluguel em São Paulo. Por meio de uma amostra com 277 imóveis provenientes de 15 distritos em classificação cruzada com 10 zonas comerciais, encontra-se representatividade das características das propriedades, dos distritos e das zonas comerciais, em caráter multinível, para a diferenciação das médias dos preços de aluguel dos imóveis no ano de 2008.

Downloads

Não há dados estatísticos.

Referências

Aitkin, M.; Anderson, D.; Hinde, J. (1981) Statistical modelling of data on teaching styles (with discussion). Journal of the Royal Statistical Society, Series A, v. 144, p. 148-161.
Aitkin, M.; Longford, N. (1986) Statistical modelling in school effectiveness studies (with discussion). Journal of the Royal Statistical Society, Series A, v. 149, p. 1-43.
Anselin, L.; Gracia, N. L. (2008) Errors in variables and spatial effects in hedonic house price models of ambient air quality. Empirical Economics, v. 34, n. 1, p. 5-34.
Aryeetey-Attoh, S. (1982) An analysis of household valuations and preference structures in Rio de Janeiro, Brazil. Growth and Change, v. 3, n. 2, p. 183-198.
Barbosa, E. P.; Bidurin, C. P. (1991) Seleção de modelos de regressão para predição via validação cruzada: uma aplicação na avaliação de imóveis. Revista Brasileira de Estatística, v. 52, n. 197/198, p. 105-120.
Bartik, T. J. (1987) The estimation of demand parameters in hedonic price models. Journal of Political Economy, v. 95, n. 1, p. 81-88.
Bible, D. S.; Hsieh, C. (2001) Gated communities and residential property values. The Appraisal Journal, v. 69, n. 2, p. 140-145.
Bottai, M.; Salvati, N.; Orsini, N. (2006) Multilevel models for analyzing people’s daily movement behavior. Journal of Geographical Systems, v. 8, n. 1, p. 97-108.
Brown, K. H.; Uyar, B. (2004) A hierarchical linear model approach for assessing the effects of house and neighborhood characteristics on housing prices. Journal of Real Estate Practice and Education, v. 7, n. 1, p. 15-23.
Cardoso, A. R. (2000) Wage differentials across firms: an application of multilevel modelling. Journal of Applied Econometrics, v. 15, n. 4, p. 343-354.
Chang, S.; Singh, H. (2000) Corporate and industry effects on business unit competitive position. Strategic Management Journal, v. 21, n. 7, p. 739-752.
Chattopadhyay, S. (2000) The effectiveness of McFadden’s nested logit model in valuing amenity improvements. Regional Science and Urban Economics, v. 30, n. 1, p. 23-43.
Chau, K. W.; Ma, V. S. M.; Ho, D. C. W. (2001) The pricing of ‘luckiness’ in the apartment market. Journal of Real Estate Literature, v. 9, n. 1, p. 31-40.
Cheshire, P.; Sheppard, S. (1998) Estimating the demand for housing, land, and neighborhood characteristics. Oxford Bulletin of Economics and Statistics, v. 60, n. 3, p. 357-382.
Christmann, P.; Day, D. L.; Yip, G. S. (1999) The relative influence of country conditions, industry structure and business strategy on MNC subsidiary performance. Journal of International Management, v. 5, n. 4, p. 241-265.
Clark, D. E.; Herrin, W. E. (2000) The impact of public school attributes on home sale prices in California. Growth and Change, v. 31, n. 3, p. 385-407.
Collins, J. M. (1990) A market performance comparison of U.S. firms active in domestic, developed, and developing countries. Journal of International Business Studies, v. 21, n. 2, p. 271-287.
Dantas, R. A.; Cordeiro, G. M. (1988) Uma nova metodologia para a avaliação de imóveis utilizando modelos lineares generalizados. Revista Brasileira de Estatística, v. 49, n. 191, p. 27-46.
Downes, T. A.; Zabel, J. E. (2002) The impact of school characteristics on housing prices: Chicago 1987-1991. Journal of Urban Economics, v. 52, n. 1, p. 1-25.
Draper, D. (1995) Inference and hierarchical modeling in the social sciences. Journal of Educational and Behavioral Statistics, v. 20, n.2, p. 115-147.
Ekeland, I.; Heckman, J.; Nesheim, L. (2002) Identifying hedonic models. American Economic Review, v. 92, n. 2, p. 304-309.
Fávero, L. P. L.; Belfiore, P. P. Attributes, neighborhood and time effects on residential property prices in São Paulo, Brazil: a multilevel approach. In: 50th ANNUAL MEETING OF THE ACADEMY OF INTERNATIONAL BUSINESS, 2008, Milan. Anais do Congresso. Milan: 50th AIB, 2008. 1 CD-ROM.
Fávero, L. P. L.; Belfiore, P. P.; Lima, G. A. S. F. (2008) Modelos de precificação hedônica de imóveis residenciais na Região Metropolitana de São Paulo: uma abordagem sob as perspectivas da demanda e da oferta. Estudos Econômicos, v. 38, n. 1, p. 73-96.
Figlio, D.; Lucas, M. (2004) What’s in a grade? School report cards and housing prices. American Economic Review, v. 94, n. 3, p. 591-604.
Fujita, M.; Krugman, P.; Mori, T. (1999) On the evolution of hierarchical urban systems. European Economic Review, v. 43, n. 2, p. 209-251.
Garner, C. L., Raudenbush, S. (1991) Neighborhood effects on educational attainment: a multilevel analysis. Sociology of Education, v. 64, n. 4, p. 251-262.
Gelfand, A. E.; Ghosh, S. K.; Knight, J. R.; Sirmans, C. F. (1998) Spatio-temporal modeling of residential sales data. Journal of Business & Economic Statistics, v. 16, n. 3, p. 312-321.
Gelman, A. (2006) Multilevel (hierarchical) modeling: what it can and cannot do. Technometrics, v. 48, n. 3, p. 432-435.
Glascock, J.; Jahanian, S.; Sirmans, C. (1990) An analysis of office market rents: some empirical evidence. AREUEA Journal, v. 18, n. 1, p. 105-119.
Goldstein, H. (2003) Multilevel statistical models. London: Arnold.
Goldszmidt, R. G.; Brito, L. A.; Vasconcelos, F. C. O efeito país sobre o desempenho da firma: uma abordagem multinível. In: ENCONTRO DE ESTUDOS EM ESTRATÉGIA, 2007, São Paulo. Anais do Congresso. São Paulo: 3 E’s, 2007. 1 CD-ROM.
González, M. A. S.; Formoso, C. T. (1994) Especificação de modelos de preços hedônicos para locação residencial em Porto Alegre. Cadernos IPPUR / UFRJ, v. 8, n. 1, p. 59-72.
Goodman, A.; Thibodeau, T. G. (1998) Housing market segmentation. Journal of Housing Economics, v. 7, n. 2, p. 121-143.
Hawawini, G.; Subramanian, V.; Verdin, P. (2004) The home country in the age of globalization: how much does it matter for firm performance? Journal of World Business, v. 39, n. 2, p. 121-135.
Hermann, B. M. (2005) Mercado imobiliário e amenidades urbanas: a view through the window. Estudos Econômicos, v. 35, n. 2, p. 237-269.
Jones, K.; Bullen, N. (1994) Contextual models of urban house prices: a comparison of fixed-and random-coefficient models developed by expansion. Economic Geography, v. 70, n. 3, p. 252-272.
Jones, K.; Johnston. R. J.; Pattie, C. J. (1992) People, places and regions: exploring the use of multi-level modelling in the analysis of electoral data. British Journal of Political Science, v. 22, n. 3, p. 343-380.
Kahane, L. H. (2001) Team and player effects on NHL player salaries: a hierarchical linear model approach. Applied Economics Letters, v. 8, n. 9, p. 629-632.
Lee, B. H. (2003) Using hierarchical linear modeling to illustrate industry and group effects on organizational commitment in a sales context. Journal of Managerial Issues, v. 15, n. 3, p. 353-368.
Leeuw, F. (1993) A price index for new multifamily housing. Bureau of Economic Research, v. 73, n. 2, p. 33-42.
Leishman, C. (2001) House building and product differentiation: an hedonic price approach. Journal of Housing and the Built Environment, v. 16, n. 2, p. 131-152.
Makino, S.; Beamish, P. W.; Zhao, N. B. (2004) The characteristics and performance of Japanese FDI in less developed and developed countries. Journal of World Business, v. 39, n. 4, p. 377-392.
Makino, S.; Isobe, T.; Chan, C. (2004) Does country matter? Strategic Management Journal, v. 25, n. 10, p. 1027-1043.
Mauri, A. J.; Michaels, M. P. (1998) Firm and industry effects within strategic management: an empirical examination. Strategic Management Journal, v. 19, n. 3, p. 211-219.
McFadden, D. Modelling the choice of residential location. In: Karlqvist, A.; Lundqvist, L.; Snickers, F.; Weibull, J. W. (Ed.) (1978) Spatial interaction theory and planning models. New York: North-Holland.
Megbolugbe, I. F. (1989) A hedonic index model: the housing market of Jos, Nigeria. Urban Studies, v. 26, n. 5, p. 486-494.
Mills, E. (1992) Office rent determinants in the Chicago area. AREUEA Journal, v. 20, n. 2, p. 273-287.
Mithas, S.; Ramasubbu, N.; Krishnan, M. S.; Fornell, C. (2007) Designing web sites for customer loyalty across business domains: a multilevel analysis. Journal of Management Information Systems, v. 23, n. 3, p. 97-127.
Moreira, A. L. (1997) Princípio de engenharia de avaliações. São Paulo: Pini.
Nechyba, T. J.; Strauss, R. P. (1998) Community choice and local public services: a discrete choice approach. Regional Science and Urban Economics, v. 28, n. 1, p. 51-73.
O´Connell, A. A.; McCoach, D. B. (Ed.) (2008) Multilevel modeling of educational data. Charlotte: Information Age Publishing.
Osborne, J. W. (2010) Advantages of hierarchical modeling. Practical Assessment, Research & Evaluation, v. 7, n. 1, 2000. Disponível em: < http://pareonline.net/getvn.asp?v=7&n=1 > Acesso em: 22 jan.
Palmquist, R. B. (1984) Estimating the demand for the characteristics of housing. The Review of Economics and Statistics, v. 66, n. 3, p. 394-404.
Paterson, R. W.; Boyle, K. J. (2002) Out of sight, out of mind? Using GIS to incorporate visibility in hedonic property value models. Land Economics, v. 78, n. 3, p. 417-425.
Price, P. N.; Nero, A. V.; Gelman, A. (1996) Bayesian prediction of mean indoor radon concentrations for Minnesota counties. Health Physics, v. 71, n. 6, p. 922-936.
Quigley, J. M. (1985) Consumer choice of dwelling, neighborhood and public services. Regional Science and Urban Economics, v. 15, n. 1, p. 41-63.
Raudenbush, S. (1993) A crossed random effects model for unbalanced data with applications in cross-sectional and longitudinal research. Journal of Educational Statistics, v. 18, n. 4, p. 321-349.
Raudenbush, S.; Bryk, A. (2002) Hierarchical linear models: applications and data analysis methods. Thousand Oaks: Sage Publications.
Raudenbush, S.; Bryk, A. (1986) A hierarchical model for studying school effects. Sociology of Education, v. 59, n. 1, p. 1-17.
Raudenbush, S.; Bryk, A.; Cheong, Y. F.; Congdon, R.; du Toit, M. (2004) HLM 6: Hierarchical linear and nonlinear modeling. Lincolnwood: Scientific Software International, Inc.
Rengers, M.; Velthuis, O. (2002) Determinants of prices for contemporary arts in Dutch galleries, 1992-1998. Journal of Cultural Economics, v. 26, n. 1, p. 1-28.
Rosen, S. (1974) Hedonic prices and implicit markets: production differentiation in pure competition. Journal of Political Economy, v. 82, n. 1, p. 34-55.
Ruefli, T. W.; Wiggins, R. R. (2003) Industry, corporate and segment effects and business performance: a non-parametric approach. Strategic Management Journal, v. 24, n. 9, p. 861-879.
Rumberger, R. W.; Thomas, S. L. (1993) The economic returns to college major, quality and performance: a multi-level analysis of recent graduates. Economics of Education Review, v. 12, n. 1, p. 1-19.
Rumelt, R. P. (1991) How much does industry matter? Strategic Management Journal, v. 12, n. 3, p. 167-185.
Santos, A. R. O desenvolvimento do mercado de edifícios de escritórios para locação na Cidade de São Paulo impulsionado pela securitização, 2006. 147 f. Dissertação (Mestrado em Engenharia Civil) - Escola Politécnica, Universidade de São Paulo.
Schmalensee, R. (1985) Do markets differ much? American Economic Review, v. 75, n. 3, p. 341-351.
Short, J. C. ; Ketchen Jr., D. J.; Bennett, N.; du Toit. M. (2006) An examination of firm, industry, and time effects on performance using random coefficients modeling. Organizational Research Methods, v. 9, n. 3, p. 259-284.
Short, J. C.; Ketchen Jr.; D. J.; Palmer, T. B.; Hult, G. T. (2007) Firm, strategic group, and industry influences on performance. Strategic Management Journal, v. 28, n. 2, p. 147-167.
Sibthorp, J.; Witter, E.; Wells, M.; Ellis, G.; Voelkl, J. (2004) Hierarchical linear modeling in park, recreation, and tourism research. Journal of Leisure Research, v. 36, n. 1, p. 89-100.
Simons, R. A.; Jaouhari, A. E. (2004) The effect of freight railroad tracks and train activity on residential property values. The Appraisal Journal, v. 72, n. 3, p. 223-233.
Soto, J. L.; Morera, M. C. (2005) Modelos jerárquicos lineales. Madrid: La Muralla.
Strand, J.; Vagnes, M. (2001) The relationship between property values and railroad proximity: a study based on hedonic prices and real estate brokers´ appraisals. Transportation, v. 28, n. 2, p. 137-156.
Uyar, B.; Brown, K. H. (2007) Neighborhood affluence, school-achievement scores, and housing prices: cross-classified hierarchies and HLM. Journal of Housing Research, v. 16, n. 2, p. 97-116.
Xu, T. (2008) Heterogeneity in housing attribute prices: a study of the interaction behaviour between property specifics, location coordinates and buyers’ characteristics. International Journal of Housing Markets and Analysis, v. 1, n. 2, p. 166- 181.
Yinger, J.; Bloom, H. S.; Borsch-Supan, A.; Ladd, H. F. (1988) Property taxes and house values. London: Academic Press.

Downloads

Publicado

2011-12-01

Edição

Seção

Não definida