# RECORD e6a1a7456694e4d82f53e60d41336f947a438dda
# TITLE: Estimation of housing prices in Ecuador using hedonic and geostatistical models: A comparative analysis
# YEAR: 2022.0  VENUE: Journal of business and entrepreneurial studies  DOI: 10.37956/jbes.v6i2.286
# AUTHORS: nan
# PAGES: 16  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: nan


===== PAGE 1 (score 2, numeric-paren 0, table-words 0, var-words 2) =====

 
 
Journal of Business and entrepreneurial 
January - March Vol. 6 - - 2202 2 
http://journalbusinesses.com/index.php/revista 
e-ISSN: 2576-0971 
 journalbusinessentrepreneurial@gmail.com 
Receipt: 01 June 2021 
Approval: 28 January 2022 
Page 57-72 
Estimation of housing prices in Ecuador using 
hedonic and geostatistical models: A comparative 
analysis. 
 
Estimación de precios de vivienda en Ecuador mediante 
modelos hedónicos y geoestadísticos: Un análisis 
comparative 
 
Livino M. Armijos-Toro* 
Sergio Castillo-Páez* 
Fernando Ortega* 
 
ABSTRACT 
This paper compares the results of two models, one hedonic 
and the other geostatistical, when obtaining housing price 
estimates in the Rumiñahui canton, Ecuador. In the first model, 
different parameterizations of the variables that make up the 
hedonic model are used to obtain the best predictions. For the 
geostatistical case, the predictions are composed of a trend 
function that depends on certain housing characteristics and a 
spatial error term, which is modeled from a residual variogram. 
The performance of each model is compared by an analysis of 
prediction errors from a validation data set. The results indicate 
a better performance for the geostatistical model, since it 
considers, in addition to certain inherent characteristics of each 
house, the effect of its spatial location on the selling price. 
 
Keywords: Hedonic regression, Variogram, Kriging methods, 
Housing prices.  
 
 
 
 
* Master's Degree, Universidad de las Fuerzas Armadas ESPE, Department of 
Exact 
Sciences, 
Riobamba, 
Ecuador. 
lmarmijos2@espe.edu.ec. 
https://orcid.org/0000-0001-8553-536X.  
* Master's Degree, Universidad de las Fuerzas Armadas ESPE, Department of 
Exact Sciences, Ecuador. sacastillo@espe.edu.ec. https://orcid.org/0000-
0002-5402-2462.  
* 
Ph.D, 
Universidade 
de 
Vigo, 
Vigo, 
Spain. 
pgarcia@uvigo.es. 
https://orcid.org/0000-0003-4542-6630 
* Master's Degree, Universidad Técnica del Norte, School of Engineering in 
Applied 
Sciences, 
Riobamba, 
Ecuador, 
fwortega@utn.edu.ec. 
https://orcid.org/0000-0002-1545-4182