Spatial Statistics and Real Estate |
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| Authors: | R Kelley Pace Ronald Barry C F Sirmans |
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| Institution: | (1) Department of Finance, E. J. Ourso College of Business Administration, Louisiana State University, Baton Rouge, LA, 70803, e-mail;(2) Department of Mathematical Sciences, University of Alaska, Fairbanks, Alaska, 99775-6660, e-mail;(3) University of Connecticut, 368 Fairfield Road, U-41RE, Storrs, CT, 06269-2041, e-mail |
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| Abstract: | 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 parameter estimation. This article provides an overview of the field and directs readers to the relevant literature and software. |
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| Keywords: | spatial statistics CAR SAR kriging |
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