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Prediction Performance of a Hedonic Pricing Model for Housing

机译:住房享乐定价模型的预测性能

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Recent studies point to the superiority of the prediction ability of semiparametric methods over conventional, parametric hedonic price functions for housing. This study evaluates the predictive performance of three parametric forms-linear, quadratic, and cubic-and uses an index of location to incorporate neighborhood effects on sale prices. For the cubic model, the percentage mean absolute prediction errors range from 11.43% to 14.89% in the holdout sample. The model presented performs reasonably well and is computationally simpler than semiparametric methods, reaffirming that an augmented parametric model is an inexpensive tool that can serve as a valuable complement to the appraisal process.
机译:最近的研究指出,半参数方法的预测能力优于传统的住房参数性享乐价格函数。这项研究评估了三种参数形式(线性,二次和三次)的预测性能,并使用位置指数合并了邻域对销售价格的影响。对于三次模型,保留样本中的平均绝对预测误差百分比范围为11.43%至14.89%。提出的模型比半参数方法表现得相当好,并且在计算上更简单,这再次证明增强的参数模型是一种便宜的工具,可以作为评估过程的宝贵补充。

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