Assessing the Market Value of Real Estate Property with a Geographically Weighted Stochastic Frontier Model
结合地理与计量方法，从卖方、买方和评估师三方视角，利用房屋特征和位置信息估计当地房产价值，并用实际成交数据验证。
In this study we consider the problem of sellers, buyers and real estate appraisers in determining the price for a house, taking into account the characteristics of the house and its location as well as the goals of these three different parties. The appraiser's job is to determine the fair market value of the house, while the buyer and seller want to find, respectively, the lowest and highest feasible price for it. We combine recent developments in geography and econometrics to develop an approach that determines local estimates of property values from the perspectives of the buyer, seller and appraiser, taking into account the characteristics of the house as well as its location. We illustrate our approach analyzing closing prices in one residential real estate market.