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Rule-Based and Case-Based Reasoning in Housing Prices

  • Gayer Gabrielle

    ()

    (Tel-Aviv University)

  • Gilboa Itzhak

    ()

    (Tel-Aviv University, HEC, and Yale University)

  • Lieberman Offer

    ()

    (The Technion, Israel Institute of Technology)

People reason about real-estate prices both in terms of general rules and in terms of analogies to similar cases. We propose to examine empirically 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 models (rule-based and case-based) on two databases (rentals and sales).

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Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 7 (2007)
Issue (Month): 1 (April)
Pages: 1-37

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Handle: RePEc:bpj:bejtec:v:7:y:2007:i:1:n:10
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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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