A Primer on Piecewise Parabolic Multiple Regression Analysis via Estimations of Chicago CBD Land Prices
AbstractThis article proposes a non-parametric method for estimating spatial price functions. Space is divided into squares. The independent variables are barycentric coordinates that uniquely describe the location of observations in space. The regression coefficients are estimates of the height of the function directly over the vertices of the square spatial units. Within each square the function has hyperbolic iso-price curves and parabolic sections. The price function is continuous, but not differentiable, at the boundaries between contiguous squares. This method is applied to the problem of describing the price per front foot of land in the Chicago CBD. A rather complex price surface is revealed that would be difficult to estimate using other methodologies but was easily estimated by this simple method. Copyright 1998 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 17 (1998)
Issue (Month): 1 (July)
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Web page: http://www.springerlink.com/link.asp?id=102945
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- Joseph B. Nichols & Stephen D. Oliner & Michael R. Mulhall, 2010. "Commercial and residential land prices across the United States," Finance and Economics Discussion Series 2010-16, Board of Governors of the Federal Reserve System (U.S.).
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