Takatsuka, Hajime; Higuchi, Yoichiro - In: The Journal of Real Estate Finance and Economics 23 (2001) 1, pp. 47-76
In this article, we build a simple present-value model to give the basis for an income-capitalization appraisal method considering interneighborhood dependency of net operating incomes. We also show the maximum-likelihood estimation method for the model in a cross-sectional situation and apply...