This paper contributes to the existing literature on the explanation of housing prices. First, our proposed methodology accounts for cross-sectional dependence, both locally and globally, using individual data of more than 200,000 transactions in the three most northern provinces of the Netherlands over the period 1993–2014. Second, the selection of houses within each focal house’s sub-market is not only based on distance and time, but also on their degree of similarity. Third, global cross-sectional dependence is not modeled by time-fixed effects, as in previous studies, but by cross-sectional price averages. Fourth, we accumulate the strength and frequency with which earthquakes affect each focal house before it was sold into one single measure using a seismological model and then subdivide it into different bins to account for nonlinear effects and to determine a threshold below which earthquakes have no effect. Please verify if the provided city and country are correct and amend if necessary. This way we are able to investigate the propagation of the detrimental impact of earthquakes on housing prices over space and time without the need to select a reference area in advance, which potentially might also have been affected by earthquakes.

本文对现有关于房价解释的文献做出了贡献。首先，我们提出的方法论使用了 1993 年至 2014 年期间荷兰最北部三个省份超过 200,000 笔交易的个人数据，说明了本地和全球的横截面依赖性。其次，每个焦点房屋子市场内的房屋选择不仅基于距离和时间，还基于它们的相似程度。第三，全球横截面依赖不是像以前的研究那样用时间固定效应建模，而是用横截面价格平均值建模。第四，在使用地震模型将每个焦点房屋出售为一个单独的措施之前，我们积累了地震影响每个焦点房屋的强度和频率，然后将其细分为不同的箱子以考虑非线性效应并确定地震没有影响的阈值。请核实所提供的城市和国家是否正确，并在必要时进行修改。通过这种方式，我们能够调查地震对房价的不利影响在空间和时间上的传播，而无需提前选择可能也可能受到地震影响的参考区域。