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Rule-Based and Case-Based Reasoning in Housing Prices

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Author Info

  • Gabrielle Gayer

    (Tel Aviv University)

  • Itzhak Gilboa

    (School of Economics, Tel Aviv University)

  • Offer Lieberman

    (Technion-Israel Institute of Technology)

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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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1493.

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Length: 29 pages
Date of creation: Nov 2004
Date of revision:
Publication status: Published in B.E. Journal in Theoretical Economics (2007), 7(1) (Advances), Article 10
Handle: RePEc:cwl:cwldpp:1493

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Keywords: Housing; similarity; regression; case-based reasoning; rule-based reasoning;

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References

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  1. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
  2. 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..
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Cited by:
  1. 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.
  2. James Mitchell & George Kapetanios & Yongcheol Shin, 2012. "A Nonlinear Panel Data Model of Cross-Sectional Dependence," Discussion Papers in Economics 12/01, Department of Economics, University of Leicester.
  3. Teitelbaum, Joshua C., 2013. "Asymmetric empirical similarity," Mathematical Social Sciences, Elsevier, vol. 66(3), pages 346-351.
  4. Itzhak Gilboa, 2010. "Questions in Decision Theory," Annual Review of Economics, Annual Reviews, vol. 2(1), pages 1-19, 09.
  5. Itzhak Gilboa & Offer Lieberman & David Schmeidler, 2004. "Empirical Similarity," Cowles Foundation Discussion Papers 1486, Cowles Foundation for Research in Economics, Yale University.
  6. Gilboa, Itzhak & Lieberman, Offer & Schmeidler, David, 2011. "A similarity-based approach to prediction," Journal of Econometrics, Elsevier, vol. 162(1), pages 124-131, May.

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