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Nonparametric Methods with Applications to Hedonic Models

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  • Pace, R Kelley

Abstract

Current real estate statistical valuation involves the estimation of parameters within a posited specification. Such parametric estimation requires judgment concerning model (1) variables; and (2) functional form. In contrast, nonparametric regression estimation requires attention to (1) but permits greatly reduced attention to (2). Parametric estimators functionally model the parameters and variables affecting E(y x) while nonparametric estimators directly model pdf(y,x) and hence E(y x). This article applies the kernel nonparametric regression estimator to two different data sets and specifications. The article shows the nonparametric estimator outperforms the standard parametric estimator (OLS) across variable transformations and across data subsets differing in quality. In addition, the article reviews properties of nonparametric estimators, presents the history of nonparametric estimators in real estate, and discusses a representation of the kernel estimator as a nonparametric grid method. Copyright 1993 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): 7 (1993)
Issue (Month): 3 (November)
Pages: 185-204

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Handle: RePEc:kap:jrefec:v:7:y:1993:i:3:p:185-204

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

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Cited by:
  1. Bontemps, Christophe & Simioni, Michel & Surry, Yves R., 2005. "Hedonic Housing Prices and Agricultural Pollution: An Empirical Investigation on Semiparametric Models," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24709, European Association of Agricultural Economists.
  2. Robert J. Hill & Daniel Melser, 2007. "Comparing House Prices Across Regions and Time: An Hedonic Approach," Discussion Papers 2007-33, School of Economics, The University of New South Wales.
  3. repec:asg:wpaper:1006 is not listed on IDEAS
  4. R. Kelley Pace, 1998. "Appraisal Using Generalized Additive Models," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 77-100.
  5. Teuber, Ramona, 2010. "Estimating the Demand for Sensory Quality – Theoretical Considerations and an Empirical Application to Specialty Coffee," Journal of International Agricultural Trade and Development, Journal of International Agricultural Trade and Development, vol. 59(3).
  6. 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.
  7. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
  8. Castillo, Enrique & Hadi, Ali S. & Lacruz, Beatriz & Pruneda, Rosa E., 2008. "Semi-parametric nonlinear regression and transformation using functional networks," Computational Statistics & Data Analysis, Elsevier, vol. 52(4), pages 2129-2157, January.
  9. Tomson Ogwang & Baotai Wang, 2003. "A Hedonic Price Function for a Northern BC Community," Social Indicators Research, Springer, vol. 61(3), pages 285-296, March.
  10. Russell McKenzie & John Levendis, 2010. "Flood Hazards and Urban Housing Markets: The Effects of Katrina on New Orleans," The Journal of Real Estate Finance and Economics, Springer, vol. 40(1), pages 62-76, January.
  11. Quan Gan & Robert J. Hill, 2008. "A New Perspective on the Relationship Between House Prices and Income," Discussion Papers 2008-13, School of Economics, The University of New South Wales.
  12. Peter Colwell & Henry Munneke, 2009. "Directional Land Value Gradients," The Journal of Real Estate Finance and Economics, Springer, vol. 39(1), pages 1-23, July.

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