Total Grid Estimation

Kelley Pace

Journal of Real Estate Research, 1998, vol. 15, issue 1, 101-114

Abstract: This article provides a matrix representation of the adjustment grid estimator. From this representation, one can invoke the Gauss-Markov theorem to examine the efficiency of ordinary least squares (OLS) and the grid estimator that uses OLS estimates of the adjustments (the “plug-in” grid method). In addition, this matrix representation suggests a generalized least squares version of the grid method, labeled herein as the total grid estimator. Based on the empirical experiments, the total grid estimator outperformed the plug-in grid estimator, which in turn outperformed OLS.

Date: 1998
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DOI: 10.1080/10835547.1998.12090914

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