A varying coefficient approach to estimating hedonic housing price functions and their quantiles

The varying coefficient (VC) model introduced by Hastie and Tibshirani [26 T. Hastie and R. Tibshirani, Varying-coefficient models, J. R. Statist. Soc. (Ser. B) 55 (1993), pp. 757–796.[Web of Science ®] , [Google Scholar]] is arguably one of the most remarkable recent developments in nonparametric regression theory. The VC model is an extension of the ordinary regression model where the coefficients are allowed to vary as smooth functions of an effect modifier possibly different from the regressors. The VC model reduces the modelling bias with its unique structure while also avoiding the ‘curse of dimensionality’ problem. While the VC model has been applied widely in a variety of disciplines, its application in economics has been minimal. The central goal of this paper is to apply VC modelling to the estimation of a hedonic house price function using data from Hong Kong, one of the world's most buoyant real estate markets. We demonstrate the advantages of the VC approach over traditional parametric and semi-parametric regressions in the face of a large number of regressors. We further combine VC modelling with quantile regression to examine the heterogeneity of the marginal effects of attributes across the distribution of housing prices.     

服务取向的农村基层社会管理创新——以浙江上虞戴家村“四不出村”工作法为例

上虞市戴家村的基层组织和干部根据村庄实际,回应村民需求,在农村基层社会管理实践中创造了"四不出村"工作法。即群众办事不出村、矛盾调解不出村、信息咨询不出村、致富求助不出村。这一创新构建了服务取向的农村基层社会管理新模式,建立了需求导向的农村社区服务运行新机制。既体现了中国农村基层社会管理的工作重心由管控转向服务的客观要求和发展趋向,也是村民自治背景下农村基层组织的职能回归和拓展。