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Statistical Determination of Impact of Property Attributes for Weak Measurement Scales

Statistical Determination of Impact of Property Attributes for Weak Measurement Scales AbstractMany of the property attributes are measured on weak scales (nominal and ordinal scale). For example, land allocation in the development plan is measured on a nominal scale and such categories as proximity, equipment, access to means of communication, location, and soil and water conditions, are measured on an ordinal scale. The use of statistical measures appropriate for interval or quotient scales is wrong in such cases. Therefore, the article presents statistical measures that allow specifying the impact of the attributes on real estate prices, which can be used for the weaker scales, mainly for the ordinal scale. In the empirical illustration the proposed measures will be calculated by using the actual database of transaction prices. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Real Estate Management and Valuation de Gruyter

Statistical Determination of Impact of Property Attributes for Weak Measurement Scales

Real Estate Management and Valuation , Volume 25 (4): 10 – Dec 1, 2017

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Publisher
de Gruyter
Copyright
© 2017 Mariusz Doszyń, published by De Gruyter Open
ISSN
1733-2478
eISSN
2300-5289
DOI
10.1515/remav-2017-0031
Publisher site
See Article on Publisher Site

Abstract

AbstractMany of the property attributes are measured on weak scales (nominal and ordinal scale). For example, land allocation in the development plan is measured on a nominal scale and such categories as proximity, equipment, access to means of communication, location, and soil and water conditions, are measured on an ordinal scale. The use of statistical measures appropriate for interval or quotient scales is wrong in such cases. Therefore, the article presents statistical measures that allow specifying the impact of the attributes on real estate prices, which can be used for the weaker scales, mainly for the ordinal scale. In the empirical illustration the proposed measures will be calculated by using the actual database of transaction prices.

Journal

Real Estate Management and Valuationde Gruyter

Published: Dec 1, 2017

References