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Space-time approach to commercial property prices valuation

机译:时空法估算商业地产价格

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There exists three ways of approaching real estate prices: the cost approach, the market data approach and the income capitalization approach. In this article, we propose an improvement of the market data approach that takes into account the spatial component. In particular, we propose a modified market data approach based on interpolation, being the structure of the spatial correlation between the prices of properties the main factor to obtain the weights. Interpolation methods have been widely used for estimating real estate prices, but they do not take into account the structure of their spatial dependence. Although this drawback is overcome by kriged estimation, in the case of the prices of commercial properties, they do not provide good estimates because the scarceness of the market information. This is why auxiliary information is needed and cokriging methods are used to obtain estimates that are more accurate. The aim of this article is the comparison of cokriged estimation of premises prices in two different temporal moments in the emblematic old part of Toledo city (Spain), using housing prices as an auxiliary random function due to their strong correlation with the main one. Cokriging, kriging and inverse distance weighting results are compared.View full textDownload full textKeywordsspatial correlation, cokriging, premises prices, house prices, variogramJEL Classification:C13, C10, R00Related var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/00036846.2011.581212
机译:存在三种评估房地产价格的方法:成本方法,市场数据方法和收入资本化方法。在本文中,我们提出了一种考虑到空间成分的市场数据方法的改进。特别是,我们提出了一种基于插值的改进的市场数据方法,它是属性价格之间空间相关性的结构,是获得权重的主要因素。插值方法已广泛用于估算房地产价格,但它们未考虑其空间依赖性的结构。尽管可以通过克立格估计来克服此缺点,但在商品房价格的情况下,由于市场信息的匮乏,它们无法提供良好的估计。这就是为什么需要辅助信息并且使用共克里金方法来获得更准确的估计的原因。本文的目的是比较托莱多市(西班牙)的标志性老城区在两个不同时间点的房地价格的cokriged估计,使用房价与主要价格之间的强相关性作为辅助随机函数。比较了Cokriging,kriging和反距离权重结果。 citeulike,netvibes,twitter,technorati,美味,linkedin,facebook,stumbleupon,digg,google,更多”,发布:“ ra-4dff56cd6bb1830b”};添加到候选列表链接永久链接http://dx.doi.org/10.1080/00036846.2011.581212

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