This is the program for the 2010 Joint Statistical Meetings in Vancouver, British Columbia.

Abstract Details

Activity Number: 423
Type: Contributed
Date/Time: Tuesday, August 3, 2010 : 2:00 PM to 3:50 PM
Sponsor: Business and Economic Statistics Section
Abstract - #309159
Title: Modeling Apartment Characteristic Valuations
Author(s): Caroline Swiger*+ and Julia Sharp and William Bridges
Companies: Clemson University and Clemson University and Clemson University
Address: Barre Hall, Clemson, SC, 29634-0313, USA
Keywords: hedonic regression ; regression

The objective of this study was to consider a regression model to estimate the actual value of apartment characteristics in a metropolitan area (i.e., hedonic regression). Many stated values of characteristics are based on professional judgment, competitors' rents, and subjective opinions. Regression modeling is used to estimate actual values, using apartment rent as the dependent variable and apartment characteristics as independent variables. A comparison of stated and actual values is used to determine the best form of the regression model and model fit. Forms of the independent indicator variables considered are 1) each variable modeled separately, 2) all variables, and 3) all variables including interactions. Preliminary analyses revealed large discrepancies between actual and stated values of apartment characteristics for each of the three different models appraised.

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