Parametric, Semiparametric, and Nonparametric Estimation of Characteristic Values within Mass Assessment and Hedonic Pricing Models
Parametric estimators, such as OLS, attain high efficiency for well-specified models. Nonparametric estimators greatly reduce specification error but at the cost of efficiency. Semiparametric estimators compromise between these dual goals of efficiency and specification error. Semiparametric estimators can assume general forms within classes of functional forms. This paper applies OLS, the kernel nonparametric regression estimator, and the semiparametric estimator of Powell, Stock, and Stoker (1989) to a data set, which should, based on theory and previous empirical work, yield positive coefficients. The semiparametric estimator, on average, displayed the performance most consistent with prior expectations followed by the nonparameter and parametric estimators. In addition, the paper shows how the semiparametric estimator can provide insights into the form of misspecification and suggest data transformations. Copyright 1995 by Kluwer Academic Publishers
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