Spatial statistics and real estate
RK Pace, R Barry, CF Sirmans - The Journal of Real Estate Finance and …, 1998 - Springer
Real estate has historically employed statistical tools designed for independent
observations while simultaneously noting the violation of these assumptions in the form of
clustering of same sign residuals by neighborhood, along roads, and near facilities such as
airports. Spatial statistics takes these dependencies into account to provide more realistic
inference (OLS has biased standard errors), better prediction, and more efficient ...
observations while simultaneously noting the violation of these assumptions in the form of
clustering of same sign residuals by neighborhood, along roads, and near facilities such as
airports. Spatial statistics takes these dependencies into account to provide more realistic
inference (OLS has biased standard errors), better prediction, and more efficient ...