Hedonic House Price Model Case Study - Finance Assignment Help

Assignment Task :

 Assessment 2 Hedonic House Price Model

Your consulting team has been contracted to develop a hedonic house price model for a leading real estate corporation. Use the dataset “HOUSEPRICE” to estimate your preferred model(s) with salesprice as your response variable. Nearly all variables are potentially available as explanatory variables so it will need a careful process of model specification and testing. The goal is to try and get the most parsimonious (simple) model. You may choose a (small) number of models as your preferred in order to achieve robust and consistent results (eg. If you encounter multicollinearity in your explanatory variables and appear to be picking up similar forces you will need to avoid specifications with those highly correlated variables). 

Format: Business report for client

Executive summary – overview of project including summary of results 

Introduction – set the scene and background of house price models (broad to specific issues)

Literature review – summary of research literature estimating house price models (emphasise similarities and differences in context, methods, variables – aim for at least 4 journal articles).

Methodology – discuss the process you will follow (eg. Descriptive analytics, checking for multicollinearity between x variables, process of explanatory variable selection and treatment of outliers etc)

Body and analysis – discuss and interpret chosen model(s) and any recommendations. 

Conclusions – wrap up the exercise with recommendations for client

You can export model output from SAS into Excel using a right click in the regression output. Try not to have too much technical detail within report. You can use appendices to dump SAS model output (appendices won’t be included in word count), however, create your own table with parameter estimates, p values, rsquare for use within the report.

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