Advanced Search
MyIDEAS: Login to save this article or follow this journal

Generalizing the OLS and Grid Estimators

Contents:

Author Info

  • R. Kelley Pace
  • Otis W. Gilley

Abstract

The vast majority of market valuations employ either some formal estimator such as ordinary least squares (OLS) or rely upon an informal set of rules defining the grid adjustment estimator. The success of the grid adjustment estimator suggests the data do not obey the ideal assumptions underlying OLS. However, the grid adjustment estimator's lack of a formal statistical foundation makes it difficult to use for inference and other purposes. This article demonstrates how to generalize the grid estimator and OLS to potentially obtain the best features of both. Interestingly, the generalization defines a spatial autoregression. On an empirical example the spatial autoregression outperforms the grid estimator which in turn outperforms OLS. Copyright American Real Estate and Urban Economics Association.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00748
File Function: link to full text
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 26 (1998)
Issue (Month): 2 ()
Pages: 331-347

as in new window
Handle: RePEc:bla:reesec:v:26:y:1998:i:2:p:331-347

Contact details of provider:
Postal: Indiana University, Kelley School of Business, 1309 East Tenth Street, Suite 738, Bloomington, Indiana 47405
Phone: (812) 855-7794
Fax: (812) 855-8679
Email:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=1080-8620
More information through EDIRC

Order Information:
Web: http://www.blackwellpublishing.com/subs.asp?ref=1080-8620

Related research

Keywords:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. E.-H. Yoo & P. Kyriakidis, 2009. "Area-to-point Kriging in spatial hedonic pricing models," Journal of Geographical Systems, Springer, Springer, vol. 11(4), pages 381-406, December.
  2. Hua Sun & Yong Tu & Shi-Ming Yu, 2005. "A Spatio-Temporal Autoregressive Model for Multi-Unit Residential Market Analysis," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 31(2), pages 155-187, September.
  3. Dubin, Robin A., 1998. "Spatial Autocorrelation: A Primer," Journal of Housing Economics, Elsevier, Elsevier, vol. 7(4), pages 304-327, December.
  4. Nappi-Choulet, Ingrid & Maury, Tristan-Pierre, 2009. "A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market," ESSEC Working Papers, ESSEC Research Center, ESSEC Business School DR 09004, ESSEC Research Center, ESSEC Business School.
  5. Julia Koschinsky & Nancy Lozano-Gracia & Gianfranco Piras, 2012. "The welfare benefit of a home’s location: an empirical comparison of spatial and non-spatial model estimates," Journal of Geographical Systems, Springer, Springer, vol. 14(3), pages 319-356, July.
  6. Steven Bourassa & Eva Cantoni & Martin Hoesli, 2007. "Spatial Dependence, Housing Submarkets, and House Price Prediction," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 35(2), pages 143-160, August.
  7. Bing Zhu & Roland Füss & Nico Rottke, 2011. "The Predictive Power of Anisotropic Spatial Correlation Modeling in Housing Prices," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 42(4), pages 542-565, May.
  8. Marco Salvi, 2008. "Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 577-606, December.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:bla:reesec:v:26:y:1998:i:2:p:331-347. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.