Maintenance and improvements affect house values and thus the observed pecuniary return. Whether due to lack of liquidity or the presence of strategic incentives, some borrowers have a higher probability of default and this could lead to lower maintenance and investment in the property. We test...

Search theory shows that real property prices and marketing durations are simultaneously determined and positively related. Yet, empirical studies find positive, negative, and insignificant parameter estimates on the time-on-the-market (TOM) variable in price models. Using a dataset well suited...

Using the well-known Harrison and Rubinfeld (1978) hedonicpricing data, this manuscript demonstrates the substantialbenefits obtained by modeling the spatial dependence of theerrors. Specifically, the estimated errors on the spatialautogregression fell by 44% relative to OLS. The...

This paper provides various paradigms for the grid estimator; the most useful being a representation of the grid estimator as a combination of the nonparametric nearest neighbor estimator and a parametric estimator. Hence, the grid estimator falls into the class of semiparametric estimators. The...

Most hedonic pricing studies using transaction data employ only sold properties. Since the properties sold during any year or even decade represent only a fraction of all properties, this approach ignores the potentially valuable information content of unsold properties which have known...

Parametric estimators, such as OLS, attain high efficiency for well-specified models. Nonparametric estimators greatly reduce specification error but at the cost of efficiency. Semiparametric estimators compromise between these dual goals of efficiency and specification error. Semiparametric...