TY - JOUR ID - 87000 TI - The Study of Heterogeneity in Spatial Dependence of Changes in Housing Prices in 22 Districts of Tehran JO - Journal of Economic Research (Tahghighat- E- Eghtesadi) JA - JTE LA - en SN - 0039-8969 AU - Hekmat, Bahram AU - Farahmand, Shekoofeh AU - Akbari, Nematollah AD - . PhD Candidate, Department of Economics, University of Isfahan, Isfahan AD - Associate Professor, Department of Economics, University of Isfahan, Isfahan AD - Professor, Department of Economics, University of Isfahan, Isfahan Y1 - 2021 PY - 2021 VL - 56 IS - 3 SP - 471 EP - 505 KW - Keywords: Housing Prices KW - heterogeneity in spatial dependence KW - dynamic spatial panel smooth transition regression KW - behavioral economics DO - 10.22059/jte.2021.330289.1008540 N2 - The analysis of data on housing prices and their growth rates, typical of spatial data, is undoubtedly affected by spatial dependence. This means that housing prices and their growth in one district are affected by housing prices in neighboring districts. However, the other issue regarding housing prices in different districts is the heterogeneity of spatial dependence. This suggests that there are differences in the spatial dependence of housing prices in urban districts over time so that the spatial effects in urban districts when prices rise are different from the effects when prices fall. The theoretical analysis of this phenomenon is based on the theories of behavioral economics. In this study, the heterogeneity of spatial dependence of housing price growth rates was investigated for 22 districts of Tehran. Using a dynamic fixed effects spatial panel model, the effects of determinants on growth rates were estimated for 22 districts of Tehran. The test results indicate the existence of nonlinear relationships in the model. Therefore, the model was estimated by a smooth transition panel regression model with a transfer function in which the spillover rate of housing price growth rates from neighboring counties was determined as a transfer variable. The results show that the coefficient of spatial dependence for housing price growth rates is higher in boom times than in recession for Tehran districts. Thus, it can be concluded that there is heterogeneity in the spatial dependence of housing price growth rates in the urban districts of Tehran over time.JEL Classification: C31, C33, R31.  UR - https://jte.ut.ac.ir/article_87000.html L1 - https://jte.ut.ac.ir/article_87000_93e662e889e232ce7c42b150d54743a7.pdf ER -