Implicit Prices in Urban Real Estate Valuation

Econometric hedonic models encounter several theoretical and practical difficulties when applied to the real estate market, such as downward biases in the estimation of hedonic prices, subjective decisions in the measurement process of categorical attributes, frontier problems related to an imperfec...

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Autores principales:	Núñez Tabales,J, Rey Carmona,F, Caridad y Ocerin,J. Mª
Lenguaje:	English
Publicado:	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile 2013
Materias:	Urban Economics Hedonic Models Neural Networks
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2013000200009
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spelling	oai:scielo:S0718-915X20130002000092014-08-18Implicit Prices in Urban Real Estate ValuationNúñez Tabales,JRey Carmona,FCaridad y Ocerin,J. Mª Urban Economics Hedonic Models Neural Networks Econometric hedonic models encounter several theoretical and practical difficulties when applied to the real estate market, such as downward biases in the estimation of hedonic prices, subjective decisions in the measurement process of categorical attributes, frontier problems related to an imperfect information framework and uniequational specification. Many of these are linked to the parametric approach. Artificial Neural Networks (ANN) provide an attractive alternative: better dwelling prices estimates, avoidance of bias at different market segments, direct use of categorical data and full use of the information available. The price to be paid is the difficulties in the economic interpretation of network parameters. Nowadays, if the final objective to produce better estimates of the transaction prices, this methodology show lower errors, provided of a broad representative database of sales are recorded. A case study is presented for a medium size city in the South of Spain.info:eu-repo/semantics/openAccessEscuela de Construcción Civil, Pontificia Universidad Católica de ChileRevista de la construcción v.12 n.2 20132013-11-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2013000200009en10.4067/S0718-915X2013000200009
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Urban Economics Hedonic Models Neural Networks
spellingShingle	Urban Economics Hedonic Models Neural Networks Núñez Tabales,J Rey Carmona,F Caridad y Ocerin,J. Mª Implicit Prices in Urban Real Estate Valuation
description	Econometric hedonic models encounter several theoretical and practical difficulties when applied to the real estate market, such as downward biases in the estimation of hedonic prices, subjective decisions in the measurement process of categorical attributes, frontier problems related to an imperfect information framework and uniequational specification. Many of these are linked to the parametric approach. Artificial Neural Networks (ANN) provide an attractive alternative: better dwelling prices estimates, avoidance of bias at different market segments, direct use of categorical data and full use of the information available. The price to be paid is the difficulties in the economic interpretation of network parameters. Nowadays, if the final objective to produce better estimates of the transaction prices, this methodology show lower errors, provided of a broad representative database of sales are recorded. A case study is presented for a medium size city in the South of Spain.
author	Núñez Tabales,J Rey Carmona,F Caridad y Ocerin,J. Mª
author_facet	Núñez Tabales,J Rey Carmona,F Caridad y Ocerin,J. Mª
author_sort	Núñez Tabales,J
title	Implicit Prices in Urban Real Estate Valuation
title_short	Implicit Prices in Urban Real Estate Valuation
title_full	Implicit Prices in Urban Real Estate Valuation
title_fullStr	Implicit Prices in Urban Real Estate Valuation
title_full_unstemmed	Implicit Prices in Urban Real Estate Valuation
title_sort	implicit prices in urban real estate valuation
publisher	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile
publishDate	2013
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2013000200009
work_keys_str_mv	AT nuneztabalesj implicitpricesinurbanrealestatevaluation AT reycarmonaf implicitpricesinurbanrealestatevaluation AT caridadyocerinjma implicitpricesinurbanrealestatevaluation
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Implicit Prices in Urban Real Estate Valuation

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