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Essays in the Value of Intermediaries in the Real Estate Market.

机译：房地产市场中介价值的论文。

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摘要

The thesis consists of two chapters on real estate economics.;In the first chapter, I study the impact of intermediaries in the real estate transactions. In many markets, intermediaries collect a substantial amount of commission in exchange for their expertise. Real estate is a prominent example---Americans paid more than ;In the second chapter, I geocode a rich real estate repeated sales dataset and map each property to its school district and neighborhood. I study how big data algorithms differ from OLS regression in predictive power and how robust those algorithms are to data stratification. I find that it is computationally expensive for the random forest algorithm to use step functions to approach the linear data generating process. Once there are fewer predictors, the RF algorithm outperforms other algorithms. This is robust to different model specifications. In addition, the random forest algorithm provides similar results under different stratifications. I also study the effect of keywords on sales price and how informative they are in predicting sales price. I find that certain keywords can be valuable in explaining variation in the data but have insignificant impact on the average sales price, suggesting that the interaction between such keywords and other house features together should be considered when we specify our models. Lastly, I am able to exploit cross time variation in school academic performance index to identify the effect of school quality on house prices controlling for neighborhood fixed effect. I find school quality has a robust significantly positive effect on property sales price.
机译：本文共分为两章，涉及房地产经济学。第一章研究中介机构对房地产交易的影响。在许多市场中，中介机构会收取大量佣金以换取他们的专业知识。房地产是一个显着的例子-美国人支付的费用超过了；第二章中，我对丰富的房地产重复销售数据集进行了地理编码，并将每个属性映射到其学区和社区。我研究了大数据算法在预测能力上与OLS回归有何不同，以及这些算法对数据分层的鲁棒性。我发现随机森林算法使用步进函数来处理线性数据生成过程在计算上是昂贵的。一旦预测变量减少，RF算法就会胜过其他算法。这对于不同的模型规格是可靠的。另外，随机森林算法在不同分层下提供了相似的结果。我还研究了关键字对销售价格的影响以及它们在预测销售价格方面的信息量。我发现某些关键字在解释数据变化方面可能很有价值，但对平均销售价格影响不大，这表明在指定模型时应考虑这些关键字与其他房屋功能之间的相互作用。最后，我能够利用学校学习成绩指数的跨时间变化来确定学校质量对控制邻里固定效应的房价的影响。我发现学校质量对房地产销售价格具有显着的积极影响。

著录项

  • 作者

    Shui, Xi.;

  • 作者单位

    University of California, Berkeley.;

  • 授予单位 University of California, Berkeley.;
  • 学科 Economics.;Economic theory.
  • 学位 Ph.D.
  • 年度 2016
  • 页码 76 p.
  • 总页数 76
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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