Applying a CART-based approach for the diagnostics of mass appraisal models

Elena Pokryshevskaya () and Evgeny Antipov
Additional contact information
Elena Pokryshevskaya: Higher School of Economics

Economics Bulletin, 2011, vol. 31, issue 3, 2521-2528

Abstract: In this paper an approach for automatic detection of segments where a regression model significantly underperforms and for detecting segments with systematically under- or overestimated prediction is introduced. This segmentational approach is applicable to various expert systems including, but not limited to, those used for the mass appraisal. The proposed approach may be useful for various regression analysis applications, especially those with strong heteroscedasticity. It helps to reveal segments for which separate models or appraiser assistance are desirable. The segmentational approach has been applied to a mass appraisal model based on the Random Forest algorithm.

Keywords: CART; model diagnostics; mass appraisal; real estate; Random forest; heteroscedasticity (search for similar items in EconPapers)
JEL-codes: R0 (search for similar items in EconPapers)
Date: 2011-09-02
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I3-P226.pdf (application/pdf)

Related works:
Working Paper: Applying a CART-based approach for the diagnostics of mass appraisal models (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-11-00409

Access Statistics for this article

More articles in Economics Bulletin from AccessEcon
Bibliographic data for series maintained by John P. Conley ().