Many of the results from real estate empirical studies depend upon using a correct functional form for their validity. Unfortunately, common parametric statistical tools cannot easily control for the possibility of misspecification. Recently, semiparametric estimators such as generalized additive models (GAMs) have arisen which can automatically control for additive (in price) or multiplicative (in ln(price)) nonlinear relations among the independent and dependent variables. As the paper shows, GAMs can empirically outperform naive parametric and polynomial models in ex-sample predictive behavior. Moreover, GAMs have well-developed statistical properties and can suggest useful transformations in parametric settings.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Volume (Year): 15 (1998) Issue (Month): 1 () Pages: 77-100 Download reference. The following formats are available: HTML,
plain text,
BibTeX,
RIS (EndNote),
ReDIF
Handle: RePEc:jre:issued:v:15:n:1:1998:p:77-100
Contact details of provider: Postal: American Real Estate Society College of Business & Public Administration Florida Atlantic University MacArthur Campus, 5353 Parkside Drive Jupiter FL 33458 Email: Web page: http://www.aresnet.org/
Order Information: Postal: Donna Cooper American Real Estate Society College of Business & Public Administration Florida Atlantic University MacArthur Campus, 5353 Parkside Drive Jupiter FL 33458 Email: Web: http://cbeweb-1.fullerton.edu/finance/journal/about/get.htm
For technical questions regarding this item, or to correct its listing, contact: (JRER Graduate Assistant/Webmaster).
Related research
Keywords:
Find related papers by JEL classification: L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)