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- W204712030 abstract "Traditional hedonic pricing models, based upon an impressive corpus of statistical and economic theory, often exhibit prediction errors with a standard deviation in the range of 28–50%.1 In contrast, statistically challenged appraisers following ad hoc procedures often exhibit prediction errors with a standard deviation around 10%.2 The juxtaposition of these purported facts suggests the fruitfulness of examining elements of appraisal practice from a statistical perspective. In this vein Pace and Gilley (1998) showed the grid adjustment estimator employed by appraisers is a restricted version of the simultaneous autoregressive (SAR) estimator from spatial statistics. They suggest spatial statistics provides a unifying intellectual framework for reconciling appraisal practices with statistical theory.3" @default.
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- W204712030 date "2002-01-01" @default.
- W204712030 modified "2023-09-28" @default.
- W204712030 title "Are Appraisers Statisticians?" @default.
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- W204712030 doi "https://doi.org/10.1007/978-1-4615-0909-7_2" @default.
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