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Using Order Statistics to Estimate Real Estate Bid Distributions

Author

Listed:
  • Keith C. Brown

    (Krannert Graduate School of Management, Purdue University, West Lafayette, Indiana 47907)

  • Deborah J. Brown

    (Agricultural Economics, Purdue University, West Lafayette, Indiana 47907)

Abstract

In order to determine an optimum sales strategy for a property it is useful to estimate the distribution of bids which will be received for the property. The more accurate the estimate of the distribution, the higher the expected return will be from following the optimal strategy. This paper presents a technique for estimating the parameters of that distribution based on order statistics. It also describes how a posted list price might affect the sale price data used in this estimation technique, and how the technique can be modified to deal with this type of censored data.

Suggested Citation

  • Keith C. Brown & Deborah J. Brown, 1986. "Using Order Statistics to Estimate Real Estate Bid Distributions," Management Science, INFORMS, vol. 32(3), pages 289-297, March.
    • Handle: RePEc:inm:ormnsc:v:32:y:1986:i:3:p:289-297
    DOI: 10.1287/mnsc.32.3.289
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    Cited by:

    1. Adrian Lee & Sheldon Jacobson, 2011. "Sequential stochastic assignment under uncertainty: estimation and convergence," Statistical Inference for Stochastic Processes, Springer, vol. 14(1), pages 21-46, February.
    2. David Bergman & Carlos Cardonha & Jason Imbrogno & Leonardo Lozano, 2023. "Optimizing the Expected Maximum of Two Linear Functions Defined on a Multivariate Gaussian Distribution," INFORMS Journal on Computing, INFORMS, vol. 35(2), pages 304-317, March.

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