Prediction in the lognormal regression model with spatial error dependence

Takafumi Kato

Journal of Housing Economics, 2012, vol. 21, issue 1, 66-76

Abstract: In the context of the lognormal regression model with spatial error dependence, the present study examines correction of a bias in prediction. If interest lies in the predicted mean value of the dependent variable, antilogarithmic transformation of the predicted mean value of the regressand produces a bias. In order to correct such a transformation bias, we derive several alternative predictors by extending some of the predictors suggested for the lognormal regression model with spherical disturbances. Behaviors of our predictors are described in a theoretical manner, and their performances are assessed in an experimental manner. Extension of an asymptotically unbiased predictor is shown to be useful.

Keywords: Lognormal regression model; Spatial error dependence; Transformation bias (search for similar items in EconPapers)
JEL-codes: C21 C53 R21 R31 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:21:y:2012:i:1:p:66-76

DOI: 10.1016/j.jhe.2012.01.003

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