Capturing Heterogeneity in Preference for a Real Estate Offering Using a Hierarchical Bayesian Regression Model

Consumers have dissimilar preferences. Real estate researchers have acknowledged that needs and wants differ among consumers. Creation of different real estate offerings with different attributes and the creation of various communication messages are consequences of this heterogeneity. Our study hel...

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Bibliographic Details
Published in:The Journal of real estate research 2016-04, Vol.38 (2), p.291-320
Main Authors: Katyal, Kanupriya, Dawra, Jagrook
Format: Article
Language:English
Subjects:
Apartments
Bayesian analysis
Consumer attitudes
Consumers
Developers
Heterogeneity
Preferences
Real estate
Real estate agents & brokers
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Summary:Consumers have dissimilar preferences. Real estate researchers have acknowledged that needs and wants differ among consumers. Creation of different real estate offerings with different attributes and the creation of various communication messages are consequences of this heterogeneity. Our study helps both the real estate developer and the real estate marketer (or broker). We capture consumer heterogeneity using the hierarchical Bayesian regression model. We explain how Bayesian regression can be used to study both observed and unobserved consumer heterogeneity in preference. We also examine heterogeneity at the individual level. We study the elite Indian real estate consumers’ preferences for the internal and external features of an apartment.
ISSN:0896-5803
2691-1175
DOI:10.1080/10835547.2016.12091446