STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION
We construct a stochastic model of real estate pricing. The method of the pricing construction is based on a sequential comparison of the supply prices. We proof that under standard assumptions imposed upon the comparison coefficients there exists an unique non-degenerated limit in distribution and...
Main Authors: | , , |
---|---|
Format: | Article |
Language: | Russian |
Published: |
Plekhanov Russian University of Economics
2016-08-01
|
Series: | Статистика и экономика |
Subjects: | |
Online Access: | https://statecon.rea.ru/jour/article/view/833 |
_version_ | 1797694983413694464 |
---|---|
author | Oleg V. Rusakov Michael B. Laskin Olga I. Jaksumbaeva |
author_facet | Oleg V. Rusakov Michael B. Laskin Olga I. Jaksumbaeva |
author_sort | Oleg V. Rusakov |
collection | DOAJ |
description | We construct a stochastic model of real estate pricing. The method of the pricing construction is based on a sequential comparison of the supply prices. We proof that under standard assumptions imposed upon the comparison coefficients there exists an unique non-degenerated limit in distribution and this limit has the lognormal law of distribution. The accordance of empirical distributions of prices to thetheoretically obtained log-normal distribution we verify by numerous statistical data of real estate prices from Saint-Petersburg (Russia). For establishing this accordance we essentially apply the efficient and sensitive test of fit of Kolmogorov-Smirnov. Basing on “The Russian Federal Estimation Standard N2”, we conclude that the most probable price, i.e. mode of distribution, is correctly and uniquely defined under the log-normal approximation. Since the mean value of log-normal distribution exceeds the mode - most probable value, it follows that the prices valued by the mathematical expectation are systematically overstated. |
first_indexed | 2024-03-12T03:05:44Z |
format | Article |
id | doaj.art-0b1dadb74a9f447e97bb0ccbd44f023c |
institution | Directory Open Access Journal |
issn | 2500-3925 |
language | Russian |
last_indexed | 2024-03-12T03:05:44Z |
publishDate | 2016-08-01 |
publisher | Plekhanov Russian University of Economics |
record_format | Article |
series | Статистика и экономика |
spelling | doaj.art-0b1dadb74a9f447e97bb0ccbd44f023c2023-09-03T14:32:50ZrusPlekhanov Russian University of EconomicsСтатистика и экономика2500-39252016-08-010511612710.21686/2500-3925-2015-5-143-149832STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATIONOleg V. Rusakov0Michael B. Laskin1Olga I. Jaksumbaeva2Санкт-Петербургский государственный университетООО «Инвест-Строй»Санкт-Петербургский государственный университетWe construct a stochastic model of real estate pricing. The method of the pricing construction is based on a sequential comparison of the supply prices. We proof that under standard assumptions imposed upon the comparison coefficients there exists an unique non-degenerated limit in distribution and this limit has the lognormal law of distribution. The accordance of empirical distributions of prices to thetheoretically obtained log-normal distribution we verify by numerous statistical data of real estate prices from Saint-Petersburg (Russia). For establishing this accordance we essentially apply the efficient and sensitive test of fit of Kolmogorov-Smirnov. Basing on “The Russian Federal Estimation Standard N2”, we conclude that the most probable price, i.e. mode of distribution, is correctly and uniquely defined under the log-normal approximation. Since the mean value of log-normal distribution exceeds the mode - most probable value, it follows that the prices valued by the mathematical expectation are systematically overstated.https://statecon.rea.ru/jour/article/view/833рыночная стои мость недвижимостистохастичес кая модель ценообразованиягеомет рическое броуновское движениемода логарифмически нормального закона распределенияприменение критерия согласия колмогорова-смирноваreal estate market valuestochastic model of pricinggeometric brownian motionmode of the logarithmi cally normal law distributionapplications of the kolmogorov-smirnov test of fit |
spellingShingle | Oleg V. Rusakov Michael B. Laskin Olga I. Jaksumbaeva STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION Статистика и экономика рыночная стои мость недвижимости стохастичес кая модель ценообразования геомет рическое броуновское движение мода логарифмически нормального закона распределения применение критерия согласия колмогорова-смирнова real estate market value stochastic model of pricing geometric brownian motion mode of the logarithmi cally normal law distribution applications of the kolmogorov-smirnov test of fit |
title | STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION |
title_full | STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION |
title_fullStr | STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION |
title_full_unstemmed | STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION |
title_short | STOCHASTIC PRICING MODEL FOR THE REAL ESTATE MARKET: FORMATION OF LOG-NORMAL GENERAL POPULATION |
title_sort | stochastic pricing model for the real estate market formation of log normal general population |
topic | рыночная стои мость недвижимости стохастичес кая модель ценообразования геомет рическое броуновское движение мода логарифмически нормального закона распределения применение критерия согласия колмогорова-смирнова real estate market value stochastic model of pricing geometric brownian motion mode of the logarithmi cally normal law distribution applications of the kolmogorov-smirnov test of fit |
url | https://statecon.rea.ru/jour/article/view/833 |
work_keys_str_mv | AT olegvrusakov stochasticpricingmodelfortherealestatemarketformationoflognormalgeneralpopulation AT michaelblaskin stochasticpricingmodelfortherealestatemarketformationoflognormalgeneralpopulation AT olgaijaksumbaeva stochasticpricingmodelfortherealestatemarketformationoflognormalgeneralpopulation |