Economics, Econometrics and Finance
4 years ago

Revolutionizing Real Estate: Predicting House Prices with Unprecedented Accuracy

RePEc: Research Papers in Economics
Modeling House Prices using Multilevel Structured Additive Regression
Wolfgang Brunauer, Stefan Lang, Nikolaus Umlauf

Paper Summary

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Mechanism Design

The study looked at house prices in different areas and used a special type of math model to predict them. They found that by using this model, they could better understand how different factors affect house prices, like location and individual features. This helped them make more accurate predictions, even for areas they didn't have data on.