UQO Working Paper No. 11 — Half a million prices, twenty models: a systematic assessment of hedonic specifications.
1\begin{tabular}{l cc c cc c cc}2\toprule3 & \multicolumn{2}{c}{Random 80/20} & & \multicolumn{2}{c}{Parcel-grouped} & & \multicolumn{2}{c}{Building-grouped} \\4\cmidrule{2-3}\cmidrule{5-6}\cmidrule{8-9}5Model & MdAPE & $R^2_{\ln}$ & & MdAPE & $R^2_{\ln}$ & & MdAPE & $R^2_{\ln}$ \\6\midrule7\multicolumn{9}{l}{\itshape A. Functional form}\\8\quad A1 Linear & 18.2 & 0.477 & & 18.4 & 0.469 & & 18.4 & 0.473 \\9\quad A2 Semi-log & 19.0 & 0.546 & & 19.4 & 0.528 & & 19.5 & 0.530 \\10\quad A3 Log-log & 18.0 & 0.580 & & 18.0 & 0.572 & & 18.1 & 0.573 \\11\quad A4 Box--Cox & 18.6 & 0.548 & & 18.2 & 0.534 & & 18.3 & 0.535 \\12\quad A5 Quadratics & 19.2 & 0.546 & & 19.2 & 0.539 & & 19.0 & 0.552 \\13\quad A6 Splines & 17.6 & 0.590 & & 17.6 & 0.581 & & 17.8 & 0.582 \\14\multicolumn{9}{l}{\itshape B. Time effects}\\15\quad B1 No time FE & 22.0 & 0.486 & & 21.6 & 0.489 & & 22.0 & 0.482 \\16\quad B2 Year FE & 19.1 & 0.545 & & 19.0 & 0.545 & & 19.2 & 0.539 \\17\quad B3 Quarter FE & 19.2 & 0.546 & & 19.2 & 0.539 & & 19.0 & 0.552 \\18\quad B4 Month FE & 19.3 & 0.543 & & 19.3 & 0.537 & & 19.4 & 0.538 \\19\multicolumn{9}{l}{\itshape C. Spatial controls}\\20\quad C1 No spatial FE & 28.8 & 0.307 & & 28.9 & 0.301 & & 28.7 & 0.306 \\21\quad C2 Municipality FE & 19.2 & 0.546 & & 19.2 & 0.539 & & 19.0 & 0.552 \\22\quad C3 Grid 5.5 km & 18.7 & 0.557 & & 18.7 & 0.550 & & 18.8 & 0.551 \\23\quad C4 Grid 1.1 km & 21.0 & 0.496 & & 21.1 & 0.491 & & 20.2 & 0.510 \\24\multicolumn{9}{l}{\itshape D. Estimation method}\\25\quad D1 OLS & 19.3 & 0.543 & & 19.3 & 0.537 & & 19.4 & 0.538 \\26\quad D2 Ridge & 17.7 & 0.587 & & 17.7 & 0.580 & & 17.9 & 0.580 \\27\quad D3 Random forest & 14.6 & 0.631 & & 14.6 & 0.620 & & 14.9 & 0.621 \\28\quad D4 Boosting & 14.4 & 0.642 & & 14.5 & 0.632 & & 14.6 & 0.634 \\29\quad D5 Boosting, no coord. & 23.2 & 0.426 & & 23.4 & 0.417 & & 23.3 & 0.420 \\30\quad D6 $k$-NN comparables & 21.2 & 0.434 & & 21.3 & 0.442 & & 22.3 & 0.425 \\31\midrule32Test sales & 102,929 & & & 102,843 & & & 102,949 & \\33\bottomrule34\end{tabular}