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Rule-Based and Case-Based Reasoning in Housing Prices

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  • Gabrielle Gayer
  • Itzhak Gilboa
  • Offer Lieberman

Abstract

People reason about real-estate prices both in terms of general rules and in terms of analogies to similar cases. We propose to empirically test which mode of reasoning fits the data better. To this end, we develop the statistical techniques required for the estimation of the case-based model. It is hypothesized that case-based reasoning will have relatively more explanatory power in databases of rental apartments, whereas rule-based reasoning will have a relative advantage in sales data. We motivate this hypothesis on theoretical grounds, and find empirical support for it by comparing the two statistical techniques (rule-based and case-based) on two databases (rentals and sales).

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File URL: http://www.tau.ac.il/~igilboa/pdf/GGL_Real_Estate_Pricing.pdf
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Paper provided by UCLA Department of Economics in its series Levine's Bibliography with number 122247000000000672.

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Date of creation: 09 Nov 2004
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Handle: RePEc:cla:levrem:122247000000000672

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  1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  2. Kim, Chong Won & Phipps, Tim T. & Anselin, Luc, 1998. "Measuring The Benefits Of Air Quality Improvement: A Spatial Hedonic Approach," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20959, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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Cited by:
  1. Kapetanios, George & Mitchell, James & Shin, Yongcheol, 2014. "A nonlinear panel data model of cross-sectional dependence," Journal of Econometrics, Elsevier, vol. 179(2), pages 134-157.
  2. Itzhak Gilboa & Offer Lieberman & David Schmeidler, 2004. "Empirical Similarity," Cowles Foundation Discussion Papers 1486, Cowles Foundation for Research in Economics, Yale University.
  3. Itzhak Gilboa, 2010. "Questions in Decision Theory," Annual Review of Economics, Annual Reviews, vol. 2(1), pages 1-19, 09.
  4. Teitelbaum, Joshua C., 2013. "Asymmetric empirical similarity," Mathematical Social Sciences, Elsevier, vol. 66(3), pages 346-351.
  5. Gilboa, Itzhak & Lieberman, Offer & Schmeidler, David, 2011. "A similarity-based approach to prediction," Journal of Econometrics, Elsevier, vol. 162(1), pages 124-131, May.
  6. Pape, Andreas Duus & Kurtz, Kenneth J., 2013. "Evaluating case-based decision theory: Predicting empirical patterns of human classification learning," Games and Economic Behavior, Elsevier, vol. 82(C), pages 52-65.

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