Abstract
We use a semiparametric estimator to analyze the relationship between land values and parcel size in a sample of 158 undeveloped parcels in the Portland, Oregon, metropolitan area. The semiparametric estimator combines the benefits of parametric and nonparametric estimation. The value-size relationship is estimated nonparametrically, which permits the function to be linear, convex, and concave in different regions. A simple log-linear parametric relationship is assumed for the rest of the model, which conserves degrees of freedom and simplifies hypothesis testing. Our semiparametric estimates do not reject log-linearity for the value-size relationship.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 233-244 |
| Number of pages | 12 |
| Journal | Journal of Real Estate Finance and Economics |
| Volume | 17 |
| Issue number | 3 |
| DOIs | |
| State | Published - Jan 1 1998 |
Keywords
- Land values
- Semiparametric
ASJC Scopus subject areas
- Accounting
- Finance
- Economics and Econometrics
- Urban Studies