This article provides a method for estimating housing indices at the local
level. It develops a ““distance-weighted repeat-sales”” procedure to exploit the
factor structure of the error-covariance matrix in the repeat-sales model. A
distance function defined in characteristic and geographical space provides
weights for the generalized least-squares model, and allows the use of all of
the repeated ... hiện toàn bộ
We use a semiparametric estimator to analyze the relationship between land
values and parcel size in a sample of 158 undeveloped parcels in the Portland,
Oregon, metropolitan area. The semiparametric estimator combines the benefits of
parametric and nonparametric estimation. The value-size relationship is
estimated nonparametrically, which permits the function to be linear, convex,
and concave in ... hiện toàn bộ