Theoretical Framework and Empirical Analysis
Chapter 7: Settled compensation in New York City and the power of hedonic regression models
This chapter and the next one study takings compensation practice in New York City (NYC) in 1990–2003. This chapter focuses on settled compensation, whereas the next chapter deals with takings compensation adjudicated by courts. In addition to examining the accuracy of awarded takings compensation in New York City, these two chapters also demonstrate the power of using hedonic regression models in assessing property value and contrast it with the subjective and inaccurate nature of appraisal methods, with this chapter taking care of the former and the next chapter dealing with the latter.
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