Optimal Comparable Selection and Weighting in Real Property Valuation: An Extension
Vandell (1991) recently developed a rigorous minimum variance technique for selecting and weighting comparables in real estate appraisal. This article extends Vandell's methodology in three areas: (1) an alternative objective function; (2) an approach that explicitly recognizes the non-negativity constraint on comparable weights; and, (3) a more robust comparable inclusion process. Using Vandell's data, we show how our methodology modifies Vandell's results. Copyright American Real Estate and Urban Economics Association.
Volume (Year): 20 (1992)
Issue (Month): 1 ()
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