ABSTRACT By using two of the main evaluation methods, namely the sales comparison approach and the multiple regression analysis, this paper points out the key role of implicit prices of housing characteristics in real estate appraisal. Firstly, this paper confirms the close link existing between the sales comparison approach and the multiple regression analysis. Furthermore, unlike examples in the related literature, this paper highlights the difference between marginal and implicit prices of housing characteristics. Although the related literature expresses awareness of the methodology for calculating marginal and implicit prices, there appears to be less awareness that implicit prices can: 1) lead to an estimate of the house price that is different from the regression model-predicted price; 2) replace the crucial and non-trivial phase of adjustment and reconciliation that characterises the main appraisal method, namely, the popular Sales Comparison Approach. Finally, an empirical analysis provides evidence of the key role of implicit prices in estimating house value.

中文翻译：

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销售比较法，多元回归分析和住房隐性价格

摘要通过使用销售比较法和多元回归分析法这两种主要的评估方法，指出了住房特征隐性价格在房地产评估中的关键作用。首先，本文确定了销售比较方法与多元回归分析之间存在紧密的联系。此外，与相关文献中的示例不同，本文强调了住房特征的边际价格和隐性价格之间的差异。尽管相关文献表达了对计算边际价格和隐性价格的方法的认识，但似乎很少有人意识到隐性价格可以：1）得出与回归模型预测的价格不同的房价估计；2）替代调整和对账的关键且不重要的阶段，该阶段是主要评估方法的特征，即流行的销售比较法。最后，实证分析提供了隐性价格在估计房屋价值中的关键作用的证据。