Parcel Size and Land Value: A Comparison of Approaches

Abstract

The analysis presented here uses simulated and real data sets toinvestigate the relative merits of parametric, semi- parametricand Bayesian methods in testing for the co-existence of plottageand plattage and in identifying the inflection point. Usingartificial datasets generated with spatial correlation, inflection points at alternative locations over the range of sample sizes, different sample sizes and varying the relative quantities of small versus large parcels, we find that the Bayesian approach method generally dominates the semi-parametric one. In turn, these two methods strictly dominate the parametric one.