Title page for ETD etd-11242000-130040


Type of Document Dissertation
Author Kaltsas, Ioannis
Author's Email Address ikaltsas@vt.edu, ikaltsas@icac.org
URN etd-11242000-130040
Title Spatial Econometrics Revisited: A Case Study of Land Values in Roanoke County
Degree PhD
Department Economics (Arts and Sciences)
Advisory Committee
Advisor Name Title
Bosch, Darrell J. Committee Co-Chair
McGuirk, Anya M. Committee Co-Chair
Mills, Bradford F. Committee Member
Shabman, Leonard A. Committee Member
Spanos, Aris Committee Member
Keywords
  • Spatial Econometrics
  • Land Values
  • Misspecification
Date of Defense 2000-10-31
Availability unrestricted
Abstract
An increasing volume of empirical literature demonstrates the possibility of spatial

autocorrelation in land value models. A number of objections regarding the methodology

followed in those empirical studies have been raised. This thesis examines three

propositions. The first proposition states that there is spatial dependence in the land value

model in Roanoke County. The second proposition is that mechanical construction of

neighborhood effects, or grouping nearby land parcels into neighborhoods, is not always

the best way to capture spatial effects. Finally, the third and most important proposition

states that by implementing a comprehensive set of individual and joint misspecification

tests, one can better identify misspecification error sources and establish a more

statistically sound and reliable model than models based on existing spatial econometric

practices. The findings of this dissertation basically confirm the validity of those three

propositions. In addition, we conclude that based on their development status prices of

land parcels in Roanoke County may follow different stochastic processes. Changes in

the values of hedonic variables have different implications for different groups of land

parcels.

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