Journal ArticleDOI
Parametric, semiparametric, and nonparametric estimation of characteristic values within mass assessment and hedonic pricing models
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In this article, the authors apply OLS, the kernel nonparametric regression estimator, and the semi-parametric estimator of Powell, Stock, and Stoker (1989) to a data set, which should, based on theory and previous empirical work, yield positive coefficients.Abstract:
Parametric estimators, such as OLS, attain high efficiency for well-specified models. Nonparametric estimators greatly reduce specification error but at the cost of efficiency. Semiparametric estimators compromise between these dual goals of efficiency and specification error. Semiparametric estimators can assume general forms within classes of functional forms. This paper applies OLS, the kernel nonparametric regression estimator, and the semi-parametric estimator of Powell, Stock, and Stoker (1989) to a data set, which should, based on theory and previous empirical work, yield positive coefficients. The semiparametric estimator, on average, displayed the performance most consistent with prior expectations followed by the nonparametric and parametric estimators. In addition, the paper shows how the semiparametric estimator can provide insights into the form of misspecification and suggest data transformations.read more
Citations
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Journal ArticleDOI
The Composition of Hedonic Pricing Models
TL;DR: In this paper, a house is made up of many characteristics, all of which may affect its value, and Hedonic regression analysis is typically used to estimate the marginal contribution of these individual characteristic.
Book ChapterDOI
Chapter 16 Property Value Models
TL;DR: In this paper, the authors present several techniques that can be used to study the effects of environmental quality on property values and infer willingness to pay for improvements, including the hedonic model and the discrete choice models.
Journal ArticleDOI
Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics
TL;DR: An approach for automatic detection of segments where a model significantly underperforms and for detecting segments with systematically under- or overestimated prediction is introduced.
Posted Content
Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics
TL;DR: In this article, the use of Random Forest as a potential technique for residential estate mass appraisal has been attempted for the first time and the method performed better than such techniques as CHAID, CART, KNN, multiple regression analysis, Artificial Neural Networks (MLP and RBF) and Boosted Trees.
References
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Book
Generalized Linear Models
Peter McCullagh,John A. Nelder +1 more
TL;DR: In this paper, a generalization of the analysis of variance is given for these models using log- likelihoods, illustrated by examples relating to four distributions; the Normal, Binomial (probit analysis, etc.), Poisson (contingency tables), and gamma (variance components).
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TL;DR: The Kernel Method for Multivariate Data: Three Important Methods and Density Estimation in Action.
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An Analysis of Transformations
George E. P. Box,David Cox +1 more
TL;DR: In this article, Lindley et al. make the less restrictive assumption that such a normal, homoscedastic, linear model is appropriate after some suitable transformation has been applied to the y's.
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The jackknife, the bootstrap, and other resampling plans
TL;DR: The Delta Method and the Influence Function Cross-Validation, Jackknife and Bootstrap Balanced Repeated Replication (half-sampling) Random Subsampling Nonparametric Confidence Intervals as mentioned in this paper.