Parcel Size and Land Value: A Comparison of Approaches

41 Pages Posted: 29 Mar 2017

See all articles by Karl L. Guntermann

Karl L. Guntermann

Arizona State University (ASU)

Alex R. Horenstein

University of Miami - School of Business Administration - Department of Economics

Federico Nardari

University of Melbourne - Department of Finance

Gareth Thomas

Arizona State University

Date Written: June 2014

Abstract

The analysis presented here uses simulated and real data sets to investigate the relative merits of parametric, semi- parametric and Bayesian methods in testing for the co-existence of plottage and plattage and in identifying the inflection point. Using artificial datasets generated with spatial correlation, inflection points at alternative locations over the range of sample sizes, different sample sizes and varying the relative quantities of small vs. large parcels, we find that the Bayesian approach method generally dominates the semi-parametric one. In turn, these two methods strictly dominate the parametric one.

Suggested Citation

Guntermann, Karl L. and Horenstein, Alex R. and Nardari, Federico and Thomas, Gareth, Parcel Size and Land Value: A Comparison of Approaches (June 2014). Journal of Real Estate Research, Vol. 37, No. 2, 2015. Available at SSRN: https://ssrn.com/abstract=2942836

Karl L. Guntermann

Arizona State University (ASU) ( email )

Farmer Building 440G PO Box 872011
Tempe, AZ 85287
United States

Alex R. Horenstein (Contact Author)

University of Miami - School of Business Administration - Department of Economics ( email )

P.O. Box 248126
Coral Gables, FL 33124-6550
United States

Federico Nardari

University of Melbourne - Department of Finance ( email )

Faculty of Economics and Commerce
Parkville, Victoria 3010 3010
Australia

Gareth Thomas

Arizona State University ( email )

Farmer Building 440G PO Box 872011
Tempe, AZ 85287
United States

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