Inferring an Investment Return Series for Real Estate from Observations on Sales
改进了传统的可比销售法，通过构建一个包含不完全信息、异质搜索成本和不同预期的动态房地产评估模型，模拟分析表明该模型能更快地使回报估计收敛到真实值。
Accurate measurement of the returns to real estate investment are essential to sound analysis. This paper improves upon the traditionally employed method—collecting comparable sales data. A dynamic model of real estate appraisal is developed in which agents have incomplete information, heterogeneous search costs, and varying expectations. Various types of simulation analysis of the model indicate it performs best in the sense that the return estimate converges to the true value faster than other simpler rules.