Impact of Cliff and Ord on the Housing and Real Estate Literature |
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| Authors: | R Kelley Pace James LeSage Shuang Zhu |
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| Institution: | Department of Finance, Louisiana State University, Baton Rouge, LA,;Texas State University, San Marcos, TX |
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| Abstract: | The works of Cliff and Ord have had a major impact on empirical practices in real estate. Cliff and Ord proposed both techniques for detecting as well as modeling spatial dependence. Because the existence of spatial dependence is almost assured in real estate data, their most important contribution was feasible means of estimating spatial models. The full implications of these ideas and the numerous modeling techniques spawned by their seminal works have not been fully explored and provide numerous opportunities for future research. |
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