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Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging

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Author Info
Jorge Chica-Olmo () (Universidad de Granada, Facultad de Ciencias Económicas y Empresariale, Campus Cartuja s/n. 18011-Granada. Spain.)

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Abstract

Cokriging is a multivariate spatial method to estimate spatial correlated variables. This method allows spatial estimations to be made and interpolated maps of house price to be created. These maps are interesting for appraisers, real estate companies, and bureaus because they provide an overview of location prices. Kriging uses one variable of interest (house price) to make estimates at unsampled locations, and cokriging uses the variable of interest and auxiliary correlated variables. In this paper, housing location price is estimated using kriging methods, isotopic data cokriging, and heterotopic data cokriging methods. The results of these methods are then compared.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol29n01/05.91_114.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 29 (2007)
Issue (Month): 1 ()
Pages: 95-114
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Handle: RePEc:jre:issued:v:29:n:1:2007:p:95-114

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. James P. LeSage & R. Kelley Pace, 2004. "Models for Spatially Dependent Missing Data," The Journal of Real Estate Finance and Economics, Springer, vol. 29(2), pages 233-254, 09. [Downloadable!]
  2. Clapp, John M. & Rodriguez, Mauricio & Thrall, Grant, 1997. "How GIS Can Put Urban Economic Analysis on the Map," Journal of Housing Economics, Elsevier, vol. 6(4), pages 368-386, December. [Downloadable!] (restricted)
  3. Gatzlaff, Dean H & Haurin, Donald R, 1997. "Sample Selection Bias and Repeat-Sales Index Estimates," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 33-50, Jan.-Marc. [Downloadable!] (restricted)
  4. John M. Clapp & Hyon-Jung Kim & Alan E. Gelfand, 2002. "Predicting Spatial Patterns of House Prices Using LPR and Bayesian Smoothing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(4), pages 505-532. [Downloadable!] (restricted)
  5. Pace, R Kelley & Barry, Ronald & Sirmans, C F, 1998. "Spatial Statistics and Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 5-13, July. [Downloadable!] (restricted)
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  6. Bradford Case & John Clapp & Robin Dubin & Mauricio Rodriguez, 2004. "Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models," The Journal of Real Estate Finance and Economics, Springer, vol. 29(2), pages 167-191, 09. [Downloadable!]
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