Bayesian and Frequentist Approaches to Hedonic Modeling in a Geo-Statistical Framework

Gaurav S. Ghosh and Fernando Carriazo ()

No 9916, 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: We compare Least Squares, Maximum Likelihood and Bayesian approaches to estimation in a Hedonic context. The approaches are compared from theoretical and practical perspectives and from the viewpoint of a policy maker or urban planner. The approaches are applied to data on the property market in Bogota, Colombia. We find that no approach is unambiguously better than the others and recommend that choice of estimation technique should be predicated upon the characteristics of the policy problem at hand.

Keywords: Research; Methods/; Statistical; Methods (search for similar items in EconPapers)
Pages: 38
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea07:9916

DOI: 10.22004/ag.econ.9916

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