0000000000266079
AUTHOR
Javier Oliver
showing 2 related works from this author
The Convenience of Applying Multilevel Modeling on Real Estate Valuation
2015
There are many economic agents interested in valuing big amounts of real estate assets. One of these agents are the financial institutions, which must value their vast mortgage portfolios periodically. In this paper we analyze the use of the Hierarchical Linear Model to value real estate portfolios. This model gives valuable information compared with the traditional OLS models and is more accurate, as it takes into account the hierarchical structure of the data. DOI: http://dx.doi.org/10.4995/ICBM.2015.1314
Mass appraisal of residential real estate using multilevel modelling
2016
Mass appraisal, or the automatic valuation of a large number of real estate assets, has attracted the attention of many researchers, who have mainly approached this issue employing traditional econometric models such as Ordinary Least Squares (OLS). However, this method does not consider the hierarchical structure of the data and therefore assumes the unrealistic hypothesis of the independence of the individuals in the sample. This paper proposes the use of the Hierarchical Linear Model (HLM) to overcome this limitation. The HLM also gives valuable information on the percentage of the variance error caused by each level in the hierarchical model. In this study HLM was applied to a large dat…