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) |
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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 - 1998 |
Externally published | Yes |
Keywords
- Land values
- Semiparametric
ASJC Scopus subject areas
- Accounting
- Finance
- Economics and Econometrics
- Urban Studies