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1% ============================================================================2% References — UQO Working Paper No. 16 (revised 2026-10-17; all entries verified3% against Crossref / publisher pages, DOIs recorded where they exist)4% ============================================================================56% ---------------------------------------------------------------- standards and books7@book{appraisal2020,8  author    = {{Appraisal Institute}},9  title     = {The Appraisal of Real Estate},10  edition   = {15th},11  publisher = {Appraisal Institute},12  address   = {Chicago},13  year      = {2020}14}1516@techreport{iaao2017,17  author      = {{International Association of Assessing Officers}},18  title       = {Standard on Mass Appraisal of Real Property},19  institution = {IAAO},20  address     = {Kansas City},21  year        = {2017}22}2324@techreport{iaao2018,25  author      = {{International Association of Assessing Officers}},26  title       = {Standard on Automated Valuation Models ({AVM}s)},27  institution = {IAAO},28  address     = {Kansas City},29  year        = {2018}30}3132@book{gloudemans1999,33  author    = {Gloudemans, Robert J.},34  title     = {Mass Appraisal of Real Property},35  publisher = {International Association of Assessing Officers},36  address   = {Chicago},37  year      = {1999}38}3940% ---------------------------------------------------------------- the sales comparison approach as an estimator41@article{colwell1983,42  author  = {Colwell, Peter F. and Cannaday, Roger E. and Wu, Chunchi},43  title   = {The Analytical Foundations of Adjustment Grid Methods},44  journal = {Real Estate Economics},45  volume  = {11},46  number  = {1},47  pages   = {11--29},48  year    = {1983},49  doi     = {10.1111/1540-6229.00277}50}5152@article{cannaday1986,53  author  = {Cannaday, Roger E. and Sunderman, Mark A.},54  title   = {Estimation of Depreciation for Single-Family Appraisals},55  journal = {Real Estate Economics},56  volume  = {14},57  number  = {2},58  pages   = {255--273},59  year    = {1986},60  doi     = {10.1111/1540-6229.00386}61}6263@article{isakson1986,64  author  = {Isakson, Hans R.},65  title   = {The Nearest Neighbors Appraisal Technique: An Alternative to the Adjustment Grid Methods},66  journal = {Real Estate Economics},67  volume  = {14},68  number  = {2},69  pages   = {274--286},70  year    = {1986},71  doi     = {10.1111/1540-6229.00387}72}7374@article{isakson1988,75  author  = {Isakson, Hans R.},76  title   = {Valuation Analysis of Commercial Real Estate Using the Nearest Neighbors Appraisal Technique},77  journal = {Growth and Change},78  volume  = {19},79  number  = {2},80  pages   = {11--24},81  year    = {1988},82  doi     = {10.1111/j.1468-2257.1988.tb00466.x}83}8485@article{lipscomb1990,86  author  = {Lipscomb, Joseph B. and Gray, J. Brian},87  title   = {An Empirical Investigation of Four Market-Derived Adjustment Methods},88  journal = {Journal of Real Estate Research},89  volume  = {5},90  number  = {1},91  pages   = {53--66},92  year    = {1990},93  doi     = {10.1080/10835547.1990.12090602}94}9596@article{vandell1991,97  author  = {Vandell, Kerry D.},98  title   = {Optimal Comparable Selection and Weighting in Real Property Valuation},99  journal = {Real Estate Economics},100  volume  = {19},101  number  = {2},102  pages   = {213--239},103  year    = {1991},104  doi     = {10.1111/1540-6229.00550}105}106107@article{kang1991,108  author  = {Kang, Han-Bin and Reichert, Alan K.},109  title   = {An Empirical Analysis of Hedonic Regression and Grid-Adjustment Techniques in Real Estate Appraisal},110  journal = {Real Estate Economics},111  volume  = {19},112  number  = {1},113  pages   = {70--91},114  year    = {1991},115  doi     = {10.1111/1540-6229.00541}116}117118@article{quan1991,119  author  = {Quan, Daniel C. and Quigley, John M.},120  title   = {Price Formation and the Appraisal Function in Real Estate Markets},121  journal = {Journal of Real Estate Finance and Economics},122  volume  = {4},123  number  = {2},124  pages   = {127--146},125  year    = {1991},126  doi     = {10.1007/BF00173120}127}128129@article{gau1992,130  author  = {Gau, George W. and Lai, Tsong-Yue and Wang, Ko},131  title   = {Optimal Comparable Selection and Weighting in Real Property Valuation: An Extension},132  journal = {Real Estate Economics},133  volume  = {20},134  number  = {1},135  pages   = {107--123},136  year    = {1992},137  doi     = {10.1111/1540-6229.00574}138}139140@article{green1994,141  author  = {Green, Richard K.},142  title   = {Optimal Comparable Weighting and Selection: A Comment},143  journal = {Real Estate Economics},144  volume  = {22},145  number  = {4},146  pages   = {647--654},147  year    = {1994},148  doi     = {10.1111/1540-6229.00653}149}150151@article{gau1994,152  author  = {Gau, George W. and Lai, Tsong-Yue and Wang, Ko},153  title   = {A Further Discussion of Optimal Comparable Selection and Weighting, and a Response to {Green}},154  journal = {Real Estate Economics},155  volume  = {22},156  number  = {4},157  pages   = {655--663},158  year    = {1994},159  doi     = {10.1111/1540-6229.00654}160}161162@article{pace1996,163  author  = {Pace, R. Kelley},164  title   = {Relative Performance of the Grid, Nearest Neighbor, and {OLS} Estimators},165  journal = {Journal of Real Estate Finance and Economics},166  volume  = {13},167  number  = {3},168  pages   = {203--218},169  year    = {1996},170  doi     = {10.1007/BF00217391}171}172173@article{epley1997,174  author  = {Epley, Donald R.},175  title   = {A Note on the Optimal Selection and Weighting of Comparable Properties},176  journal = {Journal of Real Estate Research},177  volume  = {14},178  number  = {2},179  pages   = {175--182},180  year    = {1997},181  doi     = {10.1080/10835547.1997.12090895}182}183184@article{pace1997,185  author  = {Pace, R. Kelley and Gilley, Otis W.},186  title   = {Using the Spatial Configuration of the Data to Improve Estimation},187  journal = {Journal of Real Estate Finance and Economics},188  volume  = {14},189  number  = {3},190  pages   = {333--340},191  year    = {1997},192  doi     = {10.1023/A:1007762613901}193}194195@article{pace1998,196  author  = {Pace, R. Kelley},197  title   = {Appraisal Using Generalized Additive Models},198  journal = {Journal of Real Estate Research},199  volume  = {15},200  number  = {1},201  pages   = {77--99},202  year    = {1998},203  doi     = {10.1080/10835547.1998.12090916}204}205206@article{pacegilley1998,207  author  = {Pace, R. Kelley and Gilley, Otis W.},208  title   = {Generalizing the {OLS} and Grid Estimators},209  journal = {Real Estate Economics},210  volume  = {26},211  number  = {2},212  pages   = {331--347},213  year    = {1998},214  doi     = {10.1111/1540-6229.00748}215}216217@article{lentz1998,218  author  = {Lentz, George H. and Wang, Ko},219  title   = {Residential Appraisal and the Lending Process: A Survey of Issues},220  journal = {Journal of Real Estate Research},221  volume  = {15},222  number  = {1},223  pages   = {11--39},224  year    = {1998},225  doi     = {10.1080/10835547.1998.12090912}226}227228@article{isakson2002,229  author  = {Isakson, Hans R.},230  title   = {The Linear Algebra of the Sales Comparison Approach},231  journal = {Journal of Real Estate Research},232  volume  = {24},233  number  = {2},234  pages   = {117--128},235  year    = {2002},236  doi     = {10.1080/10835547.2002.12091090}237}238239@article{lai2008,240  author  = {Lai, Tsong-Yue and Vandell, Kerry and Wang, Ko and Welke, Gerd},241  title   = {Estimating Property Values by Replication: An Alternative to the Traditional Grid and Regression Methods},242  journal = {Journal of Real Estate Research},243  volume  = {30},244  number  = {4},245  pages   = {441--460},246  year    = {2008},247  doi     = {10.1080/10835547.2008.12091226}248}249250% ---------------------------------------------------------------- hedonic theory, indices and the assessed value251@article{rosen1974,252  author  = {Rosen, Sherwin},253  title   = {Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition},254  journal = {Journal of Political Economy},255  volume  = {82},256  number  = {1},257  pages   = {34--55},258  year    = {1974},259  doi     = {10.1086/260169}260}261262@article{bailey1963,263  author  = {Bailey, Martin J. and Muth, Richard F. and Nourse, Hugh O.},264  title   = {A Regression Method for Real Estate Price Index Construction},265  journal = {Journal of the American Statistical Association},266  volume  = {58},267  number  = {304},268  pages   = {933--942},269  year    = {1963},270  doi     = {10.1080/01621459.1963.10480679}271}272273@article{case1989,274  author  = {Case, Karl E. and Shiller, Robert J.},275  title   = {The Efficiency of the Market for Single-Family Homes},276  journal = {American Economic Review},277  volume  = {79},278  number  = {1},279  pages   = {125--137},280  year    = {1989}281}282283@article{clapp1992,284  author  = {Clapp, John M. and Giaccotto, Carmelo},285  title   = {Estimating Price Indices for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods},286  journal = {Journal of the American Statistical Association},287  volume  = {87},288  number  = {418},289  pages   = {300--306},290  year    = {1992},291  doi     = {10.1080/01621459.1992.10475209}292}293294@article{thibodeau2003,295  author  = {Thibodeau, Thomas G.},296  title   = {Marking Single-Family Property Values to Market},297  journal = {Real Estate Economics},298  volume  = {31},299  number  = {1},300  pages   = {1--22},301  year    = {2003},302  doi     = {10.1111/j.1080-8620.2003.00055.x}303}304305@article{clapham2006,306  author  = {Clapham, Eric and Englund, Peter and Quigley, John M. and Redfearn, Christian L.},307  title   = {Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives},308  journal = {Real Estate Economics},309  volume  = {34},310  number  = {2},311  pages   = {275--302},312  year    = {2006},313  doi     = {10.1111/j.1540-6229.2006.00167.x}314}315316@article{hill2013,317  author  = {Hill, Robert J.},318  title   = {Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy},319  journal = {Journal of Economic Surveys},320  volume  = {27},321  number  = {5},322  pages   = {879--914},323  year    = {2013},324  doi     = {10.1111/j.1467-6419.2012.00731.x}325}326327@article{hillscholz2018,328  author  = {Hill, Robert J. and Scholz, Michael},329  title   = {Can Geospatial Data Improve House Price Indexes? {A} Hedonic Imputation Approach with Splines},330  journal = {Review of Income and Wealth},331  volume  = {64},332  number  = {4},333  pages   = {737--756},334  year    = {2018},335  doi     = {10.1111/roiw.12303}336}337338@article{ngai2014,339  author  = {Ngai, L. Rachel and Tenreyro, Silvana},340  title   = {Hot and Cold Seasons in the Housing Market},341  journal = {American Economic Review},342  volume  = {104},343  number  = {12},344  pages   = {3991--4026},345  year    = {2014},346  doi     = {10.1257/aer.104.12.3991}347}348349% ---------------------------------------------------------------- spatial dependence, submarkets and local estimation350@article{desrosiers2000,351  author  = {{Des Rosiers}, Fran{\c{c}}ois and Th{\'e}riault, Marius and Villeneuve, Paul-Y.},352  title   = {Sorting out Access and Neighbourhood Factors in Hedonic Price Modelling},353  journal = {Journal of Property Investment \& Finance},354  volume  = {18},355  number  = {3},356  pages   = {291--315},357  year    = {2000},358  doi     = {10.1108/14635780010338245}359}360361@article{bourassa2003,362  author  = {Bourassa, Steven C. and Hoesli, Martin and Peng, Vincent S.},363  title   = {Do Housing Submarkets Really Matter?},364  journal = {Journal of Housing Economics},365  volume  = {12},366  number  = {1},367  pages   = {12--28},368  year    = {2003},369  doi     = {10.1016/S1051-1377(03)00003-2}370}371372@article{goodman2003,373  author  = {Goodman, Allen C. and Thibodeau, Thomas G.},374  title   = {Housing Market Segmentation and Hedonic Prediction Accuracy},375  journal = {Journal of Housing Economics},376  volume  = {12},377  number  = {3},378  pages   = {181--201},379  year    = {2003},380  doi     = {10.1016/S1051-1377(03)00031-7}381}382383@article{case2004,384  author  = {Case, Bradford and Clapp, John and Dubin, Robin and Rodriguez, Mauricio},385  title   = {Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models},386  journal = {Journal of Real Estate Finance and Economics},387  volume  = {29},388  number  = {2},389  pages   = {167--191},390  year    = {2004},391  doi     = {10.1023/B:REAL.0000035309.60607.53}392}393394@article{bourassa2007,395  author  = {Bourassa, Steven C. and Cantoni, Eva and Hoesli, Martin},396  title   = {Spatial Dependence, Housing Submarkets, and House Price Prediction},397  journal = {Journal of Real Estate Finance and Economics},398  volume  = {35},399  number  = {2},400  pages   = {143--160},401  year    = {2007},402  doi     = {10.1007/s11146-007-9036-8}403}404405@article{bourassa2010,406  author  = {Bourassa, Steven C. and Cantoni, Eva and Hoesli, Martin},407  title   = {Predicting House Prices with Spatial Dependence: A Comparison of Alternative Methods},408  journal = {Journal of Real Estate Research},409  volume  = {32},410  number  = {2},411  pages   = {139--160},412  year    = {2010},413  doi     = {10.1080/10835547.2010.12091276}414}415416@article{dube2013,417  author  = {Dub{\'e}, Jean and Legros, Diègo},418  title   = {A Spatio-Temporal Measure of Spatial Dependence: An Example Using Real Estate Data},419  journal = {Papers in Regional Science},420  volume  = {92},421  number  = {1},422  pages   = {19--31},423  year    = {2013},424  doi     = {10.1111/j.1435-5957.2011.00402.x}425}426427@article{dube2014,428  author  = {Dub{\'e}, Jean and Legros, Diègo},429  title   = {Spatial Econometrics and the Hedonic Pricing Model: What About the Temporal Dimension?},430  journal = {Journal of Property Research},431  volume  = {31},432  number  = {4},433  pages   = {333--359},434  year    = {2014},435  doi     = {10.1080/09599916.2014.913655}436}437438% ---------------------------------------------------------------- automated valuation and machine learning439@article{shiller1999,440  author  = {Shiller, Robert J. and Weiss, Allan N.},441  title   = {Evaluating Real Estate Valuation Systems},442  journal = {Journal of Real Estate Finance and Economics},443  volume  = {18},444  number  = {2},445  pages   = {147--161},446  year    = {1999},447  doi     = {10.1023/A:1007756607862}448}449450@article{pagourtzi2003,451  author  = {Pagourtzi, Elli and Assimakopoulos, Vassilis and Hatzichristos, Thomas and French, Nick},452  title   = {Real Estate Appraisal: A Review of Valuation Methods},453  journal = {Journal of Property Investment \& Finance},454  volume  = {21},455  number  = {4},456  pages   = {383--401},457  year    = {2003},458  doi     = {10.1108/14635780310483656}459}460461@article{zurada2011,462  author  = {Zurada, Jozef and Levitan, Alan S. and Guan, Jian},463  title   = {A Comparison of Regression and Artificial Intelligence Methods in a Mass Appraisal Context},464  journal = {Journal of Real Estate Research},465  volume  = {33},466  number  = {3},467  pages   = {349--388},468  year    = {2011},469  doi     = {10.1080/10835547.2011.12091311}470}471472@article{mccluskey2013,473  author  = {McCluskey, William J. and McCord, Michael and Davis, Peadar T. and Haran, Martin and McIlhatton, David},474  title   = {Prediction Accuracy in Mass Appraisal: A Comparison of Modern Approaches},475  journal = {Journal of Property Research},476  volume  = {30},477  number  = {4},478  pages   = {239--265},479  year    = {2013},480  doi     = {10.1080/09599916.2013.781204}481}482483@article{kok2017,484  author  = {Kok, Nils and Koponen, Eija-Leena and Mart{\'\i}nez-Barbosa, Carmen Adriana},485  title   = {Big Data in Real Estate? {From} Manual Appraisal to Automated Valuation},486  journal = {Journal of Portfolio Management},487  volume  = {43},488  number  = {6},489  pages   = {202--211},490  year    = {2017},491  doi     = {10.3905/jpm.2017.43.6.202}492}493494@article{mayer2019,495  author  = {Mayer, Michael and Bourassa, Steven C. and Hoesli, Martin and Scognamiglio, Donato},496  title   = {Estimation and Updating Methods for Hedonic Valuation},497  journal = {Journal of European Real Estate Research},498  volume  = {12},499  number  = {1},500  pages   = {134--150},501  year    = {2019},502  doi     = {10.1108/JERER-08-2018-0035}503}504505@article{pace2020,506  author  = {Pace, R. Kelley and Hayunga, Darren},507  title   = {Examining the Information Content of Residuals from Hedonic and Spatial Models Using Trees and Forests},508  journal = {Journal of Real Estate Finance and Economics},509  volume  = {60},510  number  = {1--2},511  pages   = {170--180},512  year    = {2020},513  doi     = {10.1007/s11146-019-09724-w}514}515516@article{bogin2020,517  author  = {Bogin, Alexander N. and Shui, Jessica},518  title   = {Appraisal Accuracy and Automated Valuation Models in Rural Areas},519  journal = {Journal of Real Estate Finance and Economics},520  volume  = {60},521  number  = {1--2},522  pages   = {40--52},523  year    = {2020},524  doi     = {10.1007/s11146-019-09712-0}525}526527@article{krause2020,528  author  = {Krause, Andy and Martin, Andrew and Fix, Miriam},529  title   = {Uncertainty in Automated Valuation Models: Error- versus Model-Based Approaches},530  journal = {Journal of Property Research},531  volume  = {37},532  number  = {4},533  pages   = {308--339},534  year    = {2020},535  doi     = {10.1080/09599916.2020.1807587}536}537538@article{steurer2021,539  author  = {Steurer, Miriam and Hill, Robert J. and Pfeifer, Norbert},540  title   = {Metrics for Evaluating the Performance of Machine Learning Based Automated Valuation Models},541  journal = {Journal of Property Research},542  volume  = {38},543  number  = {2},544  pages   = {99--129},545  year    = {2021},546  doi     = {10.1080/09599916.2020.1858937}547}548549@article{lorenz2023,550  author  = {Lorenz, Felix and Willwersch, Jonas and Cajias, Marcelo and Fuerst, Franz},551  title   = {Interpretable Machine Learning for Real Estate Market Analysis},552  journal = {Real Estate Economics},553  volume  = {51},554  number  = {5},555  pages   = {1178--1208},556  year    = {2023},557  doi     = {10.1111/1540-6229.12397}558}559560% ---------------------------------------------------------------- appraiser behaviour561@article{northcraft1987,562  author  = {Northcraft, Gregory B. and Neale, Margaret A.},563  title   = {Experts, Amateurs, and Real Estate: An Anchoring-and-Adjustment Perspective on Property Pricing Decisions},564  journal = {Organizational Behavior and Human Decision Processes},565  volume  = {39},566  number  = {1},567  pages   = {84--97},568  year    = {1987},569  doi     = {10.1016/0749-5978(87)90046-X}570}571572@article{diaz1990,573  author  = {Diaz, Julian},574  title   = {How Appraisers Do Their Work: A Test of the Appraisal Process and the Development of a Descriptive Model},575  journal = {Journal of Real Estate Research},576  volume  = {5},577  number  = {1},578  pages   = {1--15},579  year    = {1990},580  doi     = {10.1080/10835547.1990.12090601}581}582583@article{diaz2001,584  author  = {Diaz, Julian and Hansz, J. Andrew},585  title   = {The Use of Reference Points in Valuation Judgment},586  journal = {Journal of Property Research},587  volume  = {18},588  number  = {2},589  pages   = {141--148},590  year    = {2001},591  doi     = {10.1080/09599910110039897}592}593594@article{eriksen2019,595  author  = {Eriksen, Michael D. and Fout, Hamilton B. and Palim, Mark and Rosenblatt, Eric},596  title   = {The Influence of Contract Prices and Relationships on Appraisal Bias},597  journal = {Journal of Urban Economics},598  volume  = {111},599  pages   = {132--143},600  year    = {2019},601  doi     = {10.1016/j.jue.2019.04.007}602}603604@article{calem2021,605  author  = {Calem, Paul S. and Kenney, Jeanna and Lambie-Hanson, Lauren and Nakamura, Leonard I.},606  title   = {Appraising Home Purchase Appraisals},607  journal = {Real Estate Economics},608  volume  = {49},609  number  = {S1},610  pages   = {134--168},611  year    = {2021},612  doi     = {10.1111/1540-6229.12326}613}614615% ---------------------------------------------------------------- forecast evaluation and inference616@article{diebold1995,617  author  = {Diebold, Francis X. and Mariano, Roberto S.},618  title   = {Comparing Predictive Accuracy},619  journal = {Journal of Business \& Economic Statistics},620  volume  = {13},621  number  = {3},622  pages   = {253--263},623  year    = {1995},624  doi     = {10.1080/07350015.1995.10524599}625}626627@article{white2000,628  author  = {White, Halbert},629  title   = {A Reality Check for Data Snooping},630  journal = {Econometrica},631  volume  = {68},632  number  = {5},633  pages   = {1097--1126},634  year    = {2000},635  doi     = {10.1111/1468-0262.00152}636}637638@article{hansen2005,639  author  = {Hansen, Peter Reinhard},640  title   = {A Test for Superior Predictive Ability},641  journal = {Journal of Business \& Economic Statistics},642  volume  = {23},643  number  = {4},644  pages   = {365--380},645  year    = {2005},646  doi     = {10.1198/073500105000000063}647}648649@article{giacomini2006,650  author  = {Giacomini, Raffaella and White, Halbert},651  title   = {Tests of Conditional Predictive Ability},652  journal = {Econometrica},653  volume  = {74},654  number  = {6},655  pages   = {1545--1578},656  year    = {2006},657  doi     = {10.1111/j.1468-0262.2006.00718.x}658}659660@article{hyndman2006,661  author  = {Hyndman, Rob J. and Koehler, Anne B.},662  title   = {Another Look at Measures of Forecast Accuracy},663  journal = {International Journal of Forecasting},664  volume  = {22},665  number  = {4},666  pages   = {679--688},667  year    = {2006},668  doi     = {10.1016/j.ijforecast.2006.03.001}669}670671@article{cameron2008,672  author  = {Cameron, A. Colin and Gelbach, Jonah B. and Miller, Douglas L.},673  title   = {Bootstrap-Based Improvements for Inference with Clustered Errors},674  journal = {Review of Economics and Statistics},675  volume  = {90},676  number  = {3},677  pages   = {414--427},678  year    = {2008},679  doi     = {10.1162/rest.90.3.414}680}681682@article{gneiting2011,683  author  = {Gneiting, Tilmann},684  title   = {Making and Evaluating Point Forecasts},685  journal = {Journal of the American Statistical Association},686  volume  = {106},687  number  = {494},688  pages   = {746--762},689  year    = {2011},690  doi     = {10.1198/jasa.2011.r10138}691}692693@article{lei2018,694  author  = {Lei, Jing and G'Sell, Max and Rinaldo, Alessandro and Tibshirani, Ryan J. and Wasserman, Larry},695  title   = {Distribution-Free Predictive Inference for Regression},696  journal = {Journal of the American Statistical Association},697  volume  = {113},698  number  = {523},699  pages   = {1094--1111},700  year    = {2018},701  doi     = {10.1080/01621459.2017.1307116}702}703