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The Econometric Procedures of Specific Transaction Identification

Author

Listed:
  • Doszyń Mariusz
  • Gnat Sebastian

    (University of Szczecin Faculty of Economics and Management Institute of Econometrics and Statistics Mickiewicza 64, 71-101 Szczecin, Poland)

  • Bas Marcin

    (Independent researcher, Szczecin, Poland)

Abstract

The paper presents the econometric procedures of identifying specific transactions, in which atypical conditions or attributes may occur. These procedures are based on studentized and predictive residuals of the accordingly specified econometric models. The dependent variable is a unit transactional price, and explanatory variables are both the real properties’ attributes and accordingly defined artificial binary variables. The utility of the proposed method has been verified by means of a real market data base. The proposed procedures can be helpful during the property valuation process, making it possible to reject real properties that are specific (both from the point of view of the transaction conditions and the properties’ attributes) and, consequently, to select an appropriate set of similar attributes that are essential for the valuation process.

Suggested Citation

  • Doszyń Mariusz & Gnat Sebastian & Bas Marcin, 2017. "The Econometric Procedures of Specific Transaction Identification," Folia Oeconomica Stetinensia, Sciendo, vol. 17(1), pages 20-30, June.
    • Handle: RePEc:vrs:foeste:v:17:y:2017:i:1:p:20-30:n:2
    DOI: 10.1515/foli-2017-0002
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