1{2 "record_id": "bc5c2c3c86f1f45909dcce75c8f09acff914dd28",3 "eligible": true,4 "exclusion_reason": null,5 "study": {6 "title": "Toward transparent and accurate housing price appraisal: Hedonic price models versus machine learning algorithms",7 "year": 2025,8 "doi": "10.1186/s40854-025-00874-w",9 "country": "South Korea",10 "region_city": "Busan",11 "sample_start": 2015,12 "sample_end": 2015,13 "property_type": "condo_apartment",14 "price_type": "transaction",15 "data_source": "Hedonic dataset of Song et al. (2021): condominium transactions in Busan, 2015 (61,152 observations, 17 variables)",16 "document_type": "journal",17 "estimators": [18 "OLS",19 "spatial_lag"20 ],21 "spatial_method": "Spatial lag regression (inverse-distance band W, row-standardised)",22 "time_fe": false,23 "location_fe": false,24 "se_type": "unknown",25 "n_obs_total": 61152,26 "ai_methods": [27 "random forest",28 "deep neural network",29 "SHAP",30 "Gini importance",31 "permutation importance"32 ],33 "notes": "Main purpose is AVM accuracy comparison (OLS, SLR, RF, DNN; RMSE/R2 in Fig. 3 and Table 12: OLS R2 0.653, SLR 0.651, RF 0.939, DNN 0.681/0.850 scaled). Table 6 prints OLS and SLR coefficients only with '\u2021' (1% significance) and no standard errors, so SEs are null. Seasonal dummies (Spring/Fall/Winter) extracted as transaction_timing. Kaggle (Ames) benchmark analysis reports RMSE only."34 },35 "models": [36 {37 "model_id": "T6-c1",38 "table": "6",39 "column": "1",40 "page": 16,41 "dep_var": "ln transacted condominium price",42 "dep_transform": "log",43 "estimator": "OLS",44 "n_obs": 61152,45 "r2": null,46 "se_or_t_in_parentheses": "none",47 "sample_subset": "OLS hedonic price model, Busan condominium transactions 2015 (dataset of Song et al. 2021); Table 6 reports coefficients with '\u2021' = significant at 1% only, no SE/t; unclear whether estimated on the full sample (61,152) or the 70% training split; seasonal dummies included (Spring/Fall/Winter)"48 },49 {50 "model_id": "T6-c2",51 "table": "6",52 "column": "2",53 "page": 16,54 "dep_var": "ln transacted condominium price",55 "dep_transform": "log",56 "estimator": "spatial_lag",57 "n_obs": 61152,58 "r2": null,59 "se_or_t_in_parentheses": "none",60 "sample_subset": "SLR hedonic price model, Busan condominium transactions 2015 (dataset of Song et al. 2021); Table 6 reports coefficients with '\u2021' = significant at 1% only, no SE/t; unclear whether estimated on the full sample (61,152) or the 70% training split; seasonal dummies included (Spring/Fall/Winter)"61 }62 ],63 "coefficients": [64 {65 "model_id": "T6-c1",66 "var_name_printed": "Higher degree",67 "taxonomy_id": "education_level",68 "x_transform": "level",69 "x_unit": "share",70 "beta": 0.011,71 "se": null,72 "t": null,73 "p": null,74 "p_stars": "\u2021",75 "ci_lo": null,76 "ci_hi": null,77 "page": 16,78 "confidence": "medium",79 "notes": "Ratio (%) of residents aged 15+ with a higher degree; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"80 },81 {82 "model_id": "T6-c2",83 "var_name_printed": "Higher degree",84 "taxonomy_id": "education_level",85 "x_transform": "level",86 "x_unit": "share",87 "beta": 0.011,88 "se": null,89 "t": null,90 "p": null,91 "p_stars": "\u2021",92 "ci_lo": null,93 "ci_hi": null,94 "page": 16,95 "confidence": "medium",96 "notes": "Ratio (%) of residents aged 15+ with a higher degree; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"97 },98 {99 "model_id": "T6-c1",100 "var_name_printed": "Year",101 "taxonomy_id": "age",102 "x_transform": "other",103 "x_unit": "years",104 "beta": 0.011,105 "se": null,106 "t": null,107 "p": null,108 "p_stars": "\u2021",109 "ci_lo": null,110 "ci_hi": null,111 "page": 16,112 "confidence": "medium",113 "notes": "Construction year of the apartment (year built, not age; positive sign = newer buildings dearer); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"114 },115 {116 "model_id": "T6-c2",117 "var_name_printed": "Year",118 "taxonomy_id": "age",119 "x_transform": "other",120 "x_unit": "years",121 "beta": 0.011,122 "se": null,123 "t": null,124 "p": null,125 "p_stars": "\u2021",126 "ci_lo": null,127 "ci_hi": null,128 "page": 16,129 "confidence": "medium",130 "notes": "Construction year of the apartment (year built, not age; positive sign = newer buildings dearer); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"131 },132 {133 "model_id": "T6-c1",134 "var_name_printed": "Parking",135 "taxonomy_id": "parking",136 "x_transform": "level",137 "x_unit": "count",138 "beta": 0.168,139 "se": null,140 "t": null,141 "p": null,142 "p_stars": "\u2021",143 "ci_lo": null,144 "ci_hi": null,145 "page": 16,146 "confidence": "medium",147 "notes": "Parking spaces per household in the complex; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"148 },149 {150 "model_id": "T6-c2",151 "var_name_printed": "Parking",152 "taxonomy_id": "parking",153 "x_transform": "level",154 "x_unit": "count",155 "beta": 0.168,156 "se": null,157 "t": null,158 "p": null,159 "p_stars": "\u2021",160 "ci_lo": null,161 "ci_hi": null,162 "page": 16,163 "confidence": "medium",164 "notes": "Parking spaces per household in the complex; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"165 },166 {167 "model_id": "T6-c1",168 "var_name_printed": "Area",169 "taxonomy_id": "living_area",170 "x_transform": "level",171 "x_unit": "m2",172 "beta": -0.002,173 "se": null,174 "t": null,175 "p": null,176 "p_stars": "\u2021",177 "ci_lo": null,178 "ci_hi": null,179 "page": 16,180 "confidence": "medium",181 "notes": "Unit size in m2 (negative coefficient as printed); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"182 },183 {184 "model_id": "T6-c2",185 "var_name_printed": "Area",186 "taxonomy_id": "living_area",187 "x_transform": "level",188 "x_unit": "m2",189 "beta": -0.002,190 "se": null,191 "t": null,192 "p": null,193 "p_stars": "\u2021",194 "ci_lo": null,195 "ci_hi": null,196 "page": 16,197 "confidence": "medium",198 "notes": "Unit size in m2 (negative coefficient as printed); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"199 },200 {201 "model_id": "T6-c1",202 "var_name_printed": "Households",203 "taxonomy_id": "other",204 "x_transform": "level",205 "x_unit": "count",206 "beta": 5.4e-05,207 "se": null,208 "t": null,209 "p": null,210 "p_stars": "\u2021",211 "ci_lo": null,212 "ci_hi": null,213 "page": 16,214 "confidence": "medium",215 "notes": "Number of households in the apartment complex; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"216 },217 {218 "model_id": "T6-c2",219 "var_name_printed": "Households",220 "taxonomy_id": "other",221 "x_transform": "level",222 "x_unit": "count",223 "beta": 5.4e-05,224 "se": null,225 "t": null,226 "p": null,227 "p_stars": "\u2021",228 "ci_lo": null,229 "ci_hi": null,230 "page": 16,231 "confidence": "medium",232 "notes": "Number of households in the apartment complex; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"233 },234 {235 "model_id": "T6-c1",236 "var_name_printed": "CBD",237 "taxonomy_id": "cbd_distance",238 "x_transform": "level",239 "x_unit": "m",240 "beta": -1e-05,241 "se": null,242 "t": null,243 "p": null,244 "p_stars": "\u2021",245 "ci_lo": null,246 "ci_hi": null,247 "page": 16,248 "confidence": "medium",249 "notes": "Network distance to city hall (CBD) in metres; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"250 },251 {252 "model_id": "T6-c2",253 "var_name_printed": "CBD",254 "taxonomy_id": "cbd_distance",255 "x_transform": "level",256 "x_unit": "m",257 "beta": -1e-05,258 "se": null,259 "t": null,260 "p": null,261 "p_stars": "\u2021",262 "ci_lo": null,263 "ci_hi": null,264 "page": 16,265 "confidence": "medium",266 "notes": "Network distance to city hall (CBD) in metres; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"267 },268 {269 "model_id": "T6-c1",270 "var_name_printed": "Floor",271 "taxonomy_id": "floor_level",272 "x_transform": "level",273 "x_unit": "count",274 "beta": 0.005,275 "se": null,276 "t": null,277 "p": null,278 "p_stars": "\u2021",279 "ci_lo": null,280 "ci_hi": null,281 "page": 16,282 "confidence": "medium",283 "notes": "Floor level of the unit; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"284 },285 {286 "model_id": "T6-c2",287 "var_name_printed": "Floor",288 "taxonomy_id": "floor_level",289 "x_transform": "level",290 "x_unit": "count",291 "beta": 0.005,292 "se": null,293 "t": null,294 "p": null,295 "p_stars": "\u2021",296 "ci_lo": null,297 "ci_hi": null,298 "page": 16,299 "confidence": "medium",300 "notes": "Floor level of the unit; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"301 },302 {303 "model_id": "T6-c1",304 "var_name_printed": "Greenspace",305 "taxonomy_id": "green_space",306 "x_transform": "log",307 "x_unit": "m",308 "beta": 0.03,309 "se": null,310 "t": null,311 "p": null,312 "p_stars": "\u2021",313 "ci_lo": null,314 "ci_hi": null,315 "page": 16,316 "confidence": "medium",317 "notes": "log network distance (m) to nearest park, hill or mountain (positive sign as printed); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"318 },319 {320 "model_id": "T6-c2",321 "var_name_printed": "Greenspace",322 "taxonomy_id": "green_space",323 "x_transform": "log",324 "x_unit": "m",325 "beta": 0.031,326 "se": null,327 "t": null,328 "p": null,329 "p_stars": "\u2021",330 "ci_lo": null,331 "ci_hi": null,332 "page": 16,333 "confidence": "medium",334 "notes": "log network distance (m) to nearest park, hill or mountain (positive sign as printed); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"335 },336 {337 "model_id": "T6-c1",338 "var_name_printed": "Waterfront",339 "taxonomy_id": "water_proximity",340 "x_transform": "log",341 "x_unit": "m",342 "beta": -0.02,343 "se": null,344 "t": null,345 "p": null,346 "p_stars": "\u2021",347 "ci_lo": null,348 "ci_hi": null,349 "page": 16,350 "confidence": "medium",351 "notes": "log network distance (m) to nearest river, stream, pond or seashore; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"352 },353 {354 "model_id": "T6-c2",355 "var_name_printed": "Waterfront",356 "taxonomy_id": "water_proximity",357 "x_transform": "log",358 "x_unit": "m",359 "beta": -0.02,360 "se": null,361 "t": null,362 "p": null,363 "p_stars": "\u2021",364 "ci_lo": null,365 "ci_hi": null,366 "page": 16,367 "confidence": "medium",368 "notes": "log network distance (m) to nearest river, stream, pond or seashore; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"369 },370 {371 "model_id": "T6-c1",372 "var_name_printed": "Subway",373 "taxonomy_id": "transit_distance",374 "x_transform": "log",375 "x_unit": "m",376 "beta": -0.016,377 "se": null,378 "t": null,379 "p": null,380 "p_stars": "\u2021",381 "ci_lo": null,382 "ci_hi": null,383 "page": 16,384 "confidence": "medium",385 "notes": "log network distance (m) to nearest subway station; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"386 },387 {388 "model_id": "T6-c2",389 "var_name_printed": "Subway",390 "taxonomy_id": "transit_distance",391 "x_transform": "log",392 "x_unit": "m",393 "beta": -0.016,394 "se": null,395 "t": null,396 "p": null,397 "p_stars": "\u2021",398 "ci_lo": null,399 "ci_hi": null,400 "page": 16,401 "confidence": "medium",402 "notes": "log network distance (m) to nearest subway station; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"403 },404 {405 "model_id": "T6-c1",406 "var_name_printed": "Top school",407 "taxonomy_id": "school_quality",408 "x_transform": "level",409 "x_unit": "count",410 "beta": -0.006,411 "se": null,412 "t": null,413 "p": null,414 "p_stars": "\u2021",415 "ci_lo": null,416 "ci_hi": null,417 "page": 16,418 "confidence": "medium",419 "notes": "Number of Seoul National University entrants from high schools within 5 km; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"420 },421 {422 "model_id": "T6-c2",423 "var_name_printed": "Top school",424 "taxonomy_id": "school_quality",425 "x_transform": "level",426 "x_unit": "count",427 "beta": -0.006,428 "se": null,429 "t": null,430 "p": null,431 "p_stars": "\u2021",432 "ci_lo": null,433 "ci_hi": null,434 "page": 16,435 "confidence": "medium",436 "notes": "Number of Seoul National University entrants from high schools within 5 km; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"437 },438 {439 "model_id": "T6-c1",440 "var_name_printed": "Spring",441 "taxonomy_id": "transaction_timing",442 "x_transform": "binary",443 "x_unit": "binary",444 "beta": -0.03,445 "se": null,446 "t": null,447 "p": null,448 "p_stars": "\u2021",449 "ci_lo": null,450 "ci_hi": null,451 "page": 16,452 "confidence": "medium",453 "notes": "Seasonal dummy (March-May); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"454 },455 {456 "model_id": "T6-c2",457 "var_name_printed": "Spring",458 "taxonomy_id": "transaction_timing",459 "x_transform": "binary",460 "x_unit": "binary",461 "beta": -0.03,462 "se": null,463 "t": null,464 "p": null,465 "p_stars": "\u2021",466 "ci_lo": null,467 "ci_hi": null,468 "page": 16,469 "confidence": "medium",470 "notes": "Seasonal dummy (March-May); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"471 },472 {473 "model_id": "T6-c1",474 "var_name_printed": "Fall",475 "taxonomy_id": "transaction_timing",476 "x_transform": "binary",477 "x_unit": "binary",478 "beta": 0.021,479 "se": null,480 "t": null,481 "p": null,482 "p_stars": "\u2021",483 "ci_lo": null,484 "ci_hi": null,485 "page": 16,486 "confidence": "medium",487 "notes": "Seasonal dummy (September-November); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"488 },489 {490 "model_id": "T6-c2",491 "var_name_printed": "Fall",492 "taxonomy_id": "transaction_timing",493 "x_transform": "binary",494 "x_unit": "binary",495 "beta": 0.022,496 "se": null,497 "t": null,498 "p": null,499 "p_stars": "\u2021",500 "ci_lo": null,501 "ci_hi": null,502 "page": 16,503 "confidence": "medium",504 "notes": "Seasonal dummy (September-November); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"505 },506 {507 "model_id": "T6-c1",508 "var_name_printed": "Winter",509 "taxonomy_id": "transaction_timing",510 "x_transform": "binary",511 "x_unit": "binary",512 "beta": -0.026,513 "se": null,514 "t": null,515 "p": null,516 "p_stars": "\u2021",517 "ci_lo": null,518 "ci_hi": null,519 "page": 16,520 "confidence": "medium",521 "notes": "Seasonal dummy (December-February); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"522 },523 {524 "model_id": "T6-c2",525 "var_name_printed": "Winter",526 "taxonomy_id": "transaction_timing",527 "x_transform": "binary",528 "x_unit": "binary",529 "beta": -0.026,530 "se": null,531 "t": null,532 "p": null,533 "p_stars": "\u2021",534 "ci_lo": null,535 "ci_hi": null,536 "page": 16,537 "confidence": "medium",538 "notes": "Seasonal dummy (December-February); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"539 },540 {541 "model_id": "T6-c1",542 "var_name_printed": "Pop. density",543 "taxonomy_id": "density",544 "x_transform": "level",545 "x_unit": "per_km2",546 "beta": 2e-06,547 "se": null,548 "t": null,549 "p": null,550 "p_stars": "\u2021",551 "ci_lo": null,552 "ci_hi": null,553 "page": 16,554 "confidence": "medium",555 "notes": "People per km2; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"556 },557 {558 "model_id": "T6-c2",559 "var_name_printed": "Pop. density",560 "taxonomy_id": "density",561 "x_transform": "level",562 "x_unit": "per_km2",563 "beta": 2e-06,564 "se": null,565 "t": null,566 "p": null,567 "p_stars": "\u2021",568 "ci_lo": null,569 "ci_hi": null,570 "page": 16,571 "confidence": "medium",572 "notes": "People per km2; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"573 },574 {575 "model_id": "T6-c1",576 "var_name_printed": "Heating type",577 "taxonomy_id": "heating",578 "x_transform": "binary",579 "x_unit": "binary",580 "beta": -0.009,581 "se": null,582 "t": null,583 "p": null,584 "p_stars": "\u2021",585 "ci_lo": null,586 "ci_hi": null,587 "page": 16,588 "confidence": "medium",589 "notes": "1 = city gas heating, 0 otherwise; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"590 },591 {592 "model_id": "T6-c2",593 "var_name_printed": "Heating type",594 "taxonomy_id": "heating",595 "x_transform": "binary",596 "x_unit": "binary",597 "beta": -0.007,598 "se": null,599 "t": null,600 "p": null,601 "p_stars": "\u2021",602 "ci_lo": null,603 "ci_hi": null,604 "page": 16,605 "confidence": "medium",606 "notes": "1 = city gas heating, 0 otherwise; '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"607 },608 {609 "model_id": "T6-c1",610 "var_name_printed": "Bus count",611 "taxonomy_id": "transit_distance",612 "x_transform": "level",613 "x_unit": "count",614 "beta": 0.00058,615 "se": null,616 "t": null,617 "p": null,618 "p_stars": "\u2021",619 "ci_lo": null,620 "ci_hi": null,621 "page": 16,622 "confidence": "medium",623 "notes": "Number of bus stops within 400 m (count, not distance); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"624 },625 {626 "model_id": "T6-c2",627 "var_name_printed": "Bus count",628 "taxonomy_id": "transit_distance",629 "x_transform": "level",630 "x_unit": "count",631 "beta": 0.00057,632 "se": null,633 "t": null,634 "p": null,635 "p_stars": "\u2021",636 "ci_lo": null,637 "ci_hi": null,638 "page": 16,639 "confidence": "medium",640 "notes": "Number of bus stops within 400 m (count, not distance); '\u2021' indicates significance at the 1% level; no SE or t printed; coefficients rounded to 3 decimals (scientific notation for small ones)"641 }642 ]643}