Table 2 Hedonic model results Variables...

Table 2

Hedonic model results

Variables	OLS	SAR
Intrinsic variables
Property size	−0.003***	−0.003***
Property size	(0.001)	(0.001)
EPC (Ref = G)
ABCD	0.324**	0.337***
ABCD	(0.0764)	(0.074)
E	0.226**	0.233***
E	(0.0706)	(0.069)
F	0.202***	0.205***
F	(0.058)	(0.057)
Building age	−0.011***	−0.012***
Building age	(0.001)	(0.001)
Building age (ˆ2)	0.000***	0.000***
Building age (ˆ2)	0.000	0.000
Dwelling type (Ref = Apartment)
House	−0.104	−0.087
House	(0.107)	(0.104)
Portion of the house	−0.210***	−0.200***
Portion of the house	(0.052)	(0.051)
Bathrooms	0.165**	0.157**
Bathrooms	(0.055)	(0.054)
Mediation (Ref = No mediation)	0.121**	0.119**
Mediation (Ref = No mediation)	(0.044)	(0.042)
Extrinsic variables
Number of hotels	0.046*	0.049*
Number of hotels	(0.020)	(0.019)
Forest cover (250 m radius)	−0.004***	−0.003**
Forest cover (250 m radius)	(0.001)	(0.001)
Log of distance to the ski lift	−0.053	−0.027
Log of distance to the ski lift	(0.029)	(0.029)
Log of distance to primary road	0.059***	0.053***
Log of distance to primary road	(0.016)	(0.016)
Winter temperature	−0.136***	−0.088**
Winter temperature	(0.031)	(0.032)
Winter temperature (ˆ2)	−0.032**	−0.023*
Winter temperature (ˆ2)	(0.011)	(0.011)
Spatial lag (ρ)		0.39**
Spatial lag (ρ)		(0.115)
Constant	7.730***	4.754***
Constant	(0.264)	(0.904)
R² (Pseudo R² for SAR)	0.606	0.615
Adjusted R²	0.592
Log-Likelihood	−256.117	−251.826
AIC	548.235	541.65

Variables	OLS	SAR
Intrinsic variables
Property size	−0.003***	−0.003***
Property size	(0.001)	(0.001)
EPC (Ref = G)
ABCD	0.324**	0.337***
ABCD	(0.0764)	(0.074)
E	0.226**	0.233***
E	(0.0706)	(0.069)
F	0.202***	0.205***
F	(0.058)	(0.057)
Building age	−0.011***	−0.012***
Building age	(0.001)	(0.001)
Building age (ˆ2)	0.000***	0.000***
Building age (ˆ2)	0.000	0.000
Dwelling type (Ref = Apartment)
House	−0.104	−0.087
House	(0.107)	(0.104)
Portion of the house	−0.210***	−0.200***
Portion of the house	(0.052)	(0.051)
Bathrooms	0.165**	0.157**
Bathrooms	(0.055)	(0.054)
Mediation (Ref = No mediation)	0.121**	0.119**
Mediation (Ref = No mediation)	(0.044)	(0.042)
Extrinsic variables
Number of hotels	0.046*	0.049*
Number of hotels	(0.020)	(0.019)
Forest cover (250 m radius)	−0.004***	−0.003**
Forest cover (250 m radius)	(0.001)	(0.001)
Log of distance to the ski lift	−0.053	−0.027
Log of distance to the ski lift	(0.029)	(0.029)
Log of distance to primary road	0.059***	0.053***
Log of distance to primary road	(0.016)	(0.016)
Winter temperature	−0.136***	−0.088**
Winter temperature	(0.031)	(0.032)
Winter temperature (ˆ2)	−0.032**	−0.023*
Winter temperature (ˆ2)	(0.011)	(0.011)
Spatial lag (ρ)		0.39**
Spatial lag (ρ)		(0.115)
Constant	7.730***	4.754***
Constant	(0.264)	(0.904)
R² (Pseudo R² for SAR)	0.606	0.615
Adjusted R²	0.592
Log-Likelihood	−256.117	−251.826
AIC	548.235	541.65

Note(s): Dependent variable = logged dwelling prices; EPC = Energy Performance Certificate; standard errors in parenthesis. *p < 0.05; **p < 0.01; ***p < 0.001

Source(s): Authors’ own work

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