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Parametric, Semiparametric, and Nonparametric Estimation of Characteristic Values within Mass Assessment and Hedonic Pricing Models

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  • Pace, R Kelley

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 semiparametric 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 nonparameter and parametric estimators. In addition, the paper shows how the semiparametric estimator can provide insights into the form of misspecification and suggest data transformations. Copyright 1995 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 11 (1995)
Issue (Month): 3 (November)
Pages: 195-217

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Handle: RePEc:kap:jrefec:v:11:y:1995:i:3:p:195-217

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. Lall, Somik V. & Lundberg, Mattias, 2008. "What are public services worth, and to whom? Non-parametric estimation of capitalization in Pune," Journal of Housing Economics, Elsevier, vol. 17(1), pages 34-64, March.
  2. repec:asg:wpaper:1006 is not listed on IDEAS
  3. Ismir Mulalic & Jan Rouwendal, 2011. "The Willingness to pay for Quality Aspects of Durables: Theory and Application to the Car Market," Tinbergen Institute Discussion Papers 11-005/3, Tinbergen Institute.
  4. Palmquist, Raymond B., 2006. "Property Value Models," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 16, pages 763-819 Elsevier.
  5. Zhang, Heping, 2004. "Recursive Partitioning and Tree-based Methods," Papers 2004,30, Humboldt-Universität Berlin, Center for Applied Statistics and Economics (CASE).
  6. McMillen, Daniel P. & William Lester, T., 2003. "Evolving subcenters: employment and population densities in Chicago, 1970-2020," Journal of Housing Economics, Elsevier, vol. 12(1), pages 60-81, March.
  7. Elena B. Pokryshevskaya & Evgeny A. Antipov, 2011. "Applying a CART-based approach for the diagnostics of mass appraisal models," Economics Bulletin, AccessEcon, vol. 31(3), pages 2521-2528.

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