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- Title
USING ORDER STATISTICS TO ESTIMATE REAL ESTATE BID DISTRIBUTIONS.
- Authors
Brown, Keith C.; Brown, Deborah J.
- Abstract
In order to determine an optimum sales strategy for a property it is useful to estimate the distribution of bids which will be received for the property. The more accurate the estimate of the distribution, the higher the expected return will be from following the optimal strategy. This paper presents a technique for estimating the parameters of that distribution based on order statistics. It also describes how a posted list price might affect the sale price data used in this estimation technique, and how the technique can be modified to deal with this type of censored data.
- Subjects
EXCHANGE of real property; LETTING of contracts; PROPOSAL writing in business; BID price; PRICE quotations; OFFER &; acceptance (Contracts); RATE of return; BIDS; BIDDERS; ORDER statistics; VALUATION of real property
- Publication
Management Science, 1986, Vol 32, Issue 3, p289
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.32.3.289