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- Title
Land Value and Parcel Size: A Semiparametric Analysis.
- Authors
Thorsnes, Paul; McMillen, Daniel P.
- 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.
- Subjects
PORTLAND (Or.); OREGON; PARAMETER estimation; PARCEL post; VALUE (Economics); METROPOLITAN areas; COST
- Publication
Journal of Real Estate Finance & Economics, 1998, Vol 17, Issue 3, p233
- ISSN
0895-5638
- Publication type
Article
- DOI
10.1023/A:1007772223239