UQO Working Paper No. 11 — Half a million prices, twenty models: a systematic assessment of hedonic specifications.
1scheme,model,median_log_resid,mdape,mdape_relevelled,mape_relevelled,rmse_ln_centered2random,A1 Linear (levels),0.003941579311327104,18.247735441468322,18.23004891488436,35.69297195166703,0.42024018485674883random,A2 Semi-log,0.05718358954988467,19.034569938583708,18.231160761954637,34.0869684129567,0.39493738655412284random,A3 Log-log,0.058544005681735456,18.00422814105048,16.999353648099166,32.573565774441384,0.3807031446615665random,A4 Box-Cox,0.04130325060083884,18.567718342220903,17.954579371141705,34.12392448255233,0.39434047903195066random,A5 Semi-log + quadratics,0.060482363271615824,19.15743025152905,18.11709775973182,34.346470692604235,0.395625490112383857random,A6 Semi-log + splines,0.05992694422787537,17.6216157169721,16.524937550487323,32.09956942745145,0.376404477672386448random,B1 No time effects,0.05783820151938279,22.038141454991422,21.21973153779817,37.60444848077603,0.420177604456837559random,B2 Year FE,0.060634056819226956,19.12497097548873,18.120790003428947,34.4190972555926,0.3959539965284794610random,B3 Quarter FE,0.060482363271615824,19.15743025152905,18.11709775973182,34.346470692604235,0.3956254901123838511random,B4 Month FE,0.05989058589285712,19.342062726308214,18.354164512138155,34.515768803825544,0.3969348013280552512random,C1 No spatial controls,0.064660279848761,28.785665634746415,28.084183838836008,46.280530679601654,0.487353164915676513random,C2 Municipality FE,0.060482363271615824,19.15743025152905,18.11709775973182,34.346470692604235,0.3956254901123838514random,C3 Grid-cell FE (~5.5 km),0.06211418728747908,18.703553400119855,17.560654074769303,33.92747210229044,0.391335495910277215random,C4 Grid-cell FE (~1.1 km),0.07346052233407185,20.962941599826827,19.37902139629324,37.526713965938505,0.4183721429470770316random,D1 OLS (muni + month FE),0.05989058589285712,19.342062726308214,18.354164512138155,34.515768803825544,0.3969348013280552517random,D2 Ridge (cross-validated),0.05859458753725022,17.684559394393904,16.68303730586329,32.182831210501654,0.37725472576027718random,D3 Random forest,0.059849487924283906,14.62750218203232,13.315627506545855,29.149851711862564,0.357162174706575619random,D4 Gradient boosting,0.06070519978533717,14.388300681085338,12.968025826820522,28.70404274157882,0.352282624709959320random,"D5 Gradient boosting, no coordinates",0.06518367898153521,23.225090677534933,22.231894512368584,40.34607372325065,0.444580459176949121random,D6 Spatial k-NN comparables,0.031091961266028534,21.18226600985226,21.08883377849876,37.76094936816919,0.4380913960027049722temporal,A1 Linear (levels),0.1023593997120793,20.369511213481317,17.983628345464886,34.78005470885447,0.400284276267056923temporal,A2 Semi-log,0.1537984152326084,23.154885105735325,19.250951132236665,34.93065853825993,0.3994523755853943724temporal,A3 Log-log,0.15909109773775665,21.769614210046917,17.266368727247855,32.391262877862694,0.37769222222694525temporal,A4 Box-Cox,0.1258160183976118,20.957181720703545,17.619997411558572,33.74049661940829,0.388914705138023726temporal,A5 Semi-log + quadratics,0.17129196839132454,23.30291738895638,18.276550062146548,33.989570593169596,0.3900818245192451727temporal,A6 Semi-log + splines,0.1614247324548579,21.722504213272607,16.82576888128111,32.08286270087081,0.3743966730487275428temporal,B1 No time effects,0.2826557411184121,29.296772516609654,19.01095994641687,34.65256914399475,0.395040773517890729temporal,B2 Year FE,0.17007926384480498,23.651696383010147,18.99713708925793,34.63025036534526,0.3948203954631331330temporal,B3 Quarter FE,0.17129196839132454,23.30291738895638,18.276550062146548,33.989570593169596,0.3900818245192451731temporal,B4 Month FE,0.15736851631187143,22.8719130040602,18.68918931880011,34.336746664507935,0.392707952139768132temporal,C1 No spatial controls,0.16321364030035745,29.015774167241894,25.986670604102326,42.99352712008042,0.460652621378479733temporal,C2 Municipality FE,0.17129196839132454,23.30291738895638,18.276550062146548,33.989570593169596,0.3900818245192451734temporal,C3 Grid-cell FE (~5.5 km),0.18220234989278072,24.2625431905187,18.814878020376376,34.76783893858608,0.394979324919457335temporal,C4 Grid-cell FE (~1.1 km),0.1709061348026415,25.324930433263678,20.522125855535506,38.230322256162516,0.4223173088569131536temporal,D1 OLS (muni + month FE),0.15736851631187143,22.8719130040602,18.68918931880011,34.336746664507935,0.392707952139768137temporal,D2 Ridge (cross-validated),0.17022474494589535,22.257318062238202,17.037619921036498,32.23095939217706,0.375643554203761838temporal,D3 Random forest,0.18360250057646788,21.340119821052188,13.905947637222784,29.094464580355663,0.354290863294238939temporal,D4 Gradient boosting,0.18339005785301854,21.21243467837447,13.865439528037044,29.06582352581495,0.3536950153198306640temporal,"D5 Gradient boosting, no coordinates",0.18807982851052696,26.207233073287274,21.276298850287766,38.44281213948979,0.43104737017450341temporal,D6 Spatial k-NN comparables,0.22093905599935848,25.63120139114109,19.23963333094165,34.78903287000047,0.4191308037204406542