Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/107910
Authors: 
Kolbe, Jens
Schulz, Rainer
Wersing, Martin
Werwatz, Axel
Year of Publication: 
2014
Series/Report no.: 
SFB 649 Discussion Paper 2015-003
Abstract: 
We use Adaptive Weights Smoothing (AWS) of Polzehl and Spokoiny (2000, 2003, 2006) to estimate a map of land values for Berlin, Germany. Our data are prices of undeveloped land that was transacted between 1996-2009. Even though the observed land price is an indicator of the respective land value, it is in uenced by transaction noise. The iterative AWS applies piecewise constant regression to reduce this noise and tests at each location for constancy at the margin. If not rejected, further observations are included in the local regression. The estimated land value map conforms overall well with expert-based land values. Our application suggests that the transparent AWS could prove a useful tool for researchers and real estate practitioners alike.
Subjects: 
land value
adaptive weight smoothing
spatial modeling
JEL: 
C14
R14
R15
Document Type: 
Working Paper

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