A Comparison of Three Methods of Estimation in the Context of Spatial Modeling
We empirically compare the accuracy and precision of representative Least Squares, Maximum Likelihood and Bayesian methods of estimation. Using an approach similar to the jackknife, each method is repeatedly applied to subsamples of a data set on the property market in Bogotá, Colombia to generate multiple estimates of the underlying explanatory spatial hedonic model. The estimates are then used to predict prices at a fixed set of locations. A nonparametric comparison of the estimates and predictions suggests that the Bayesian method performs best overall, but that the Likelihood method is most suited to estimation of the independent variable coefficients. Significant heterogeneity exists in the specific test results.
|Date of creation:||Nov 2009|
|Contact details of provider:|| Web page: http://www.eonerc.rwth-aachen.de/fcn|
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ris:fcnwpa:2009_009. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Hendrik Schmitz)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.