Start Page: 79
End Page:95
Volume:7
Issue Number: 01
Year: 1999
Publication: Journal of Real Estate Literature

   
Abstract:  This paper describes how spatial techniques can be used to improve the accuracy of market value estimates obtained using multiple regression analysis. Rather than eliminating the problem of spatial residual dependencies through the inclusion of many independent variables, spatial statistical methods typically keep fewer independent variables and augment these with a simple model of the spatial error dependence. We discuss alternative spatial auto regression model specifications, estimation methods, and prediction procedures. An empirical example is provided in the appendix.