Comparing the Accuracy of the Minimum-Variance Grid Method to Multiple Regression in Appraised Value Estimates |
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Authors: | Tsong-Yue Lai Ko Wang |
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Institution: | California State University-Fullerton, Fullerton, CA 92634;The Chinese University of Hong Kong, Shatin NT, Hong Kong and California State University-Fullerton, Fullerton, CA 92634 |
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Abstract: | The adjustment-grid method and the multiple-regression method are the two most frequently used techniques in the sales comparison approach. This paper demonstrates that although both techniques provide unbiased estimators, the minimum-variance grid estimator should result in a smaller standard deviation than the multiple-regression estimator. A technique is also derived to estimate the confidence interval or to perform hypothesis tests for the minimum-variance grid estimator. |
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