This study examines internal model validation by extending the work of Jensen (2011) to verify the relevant assumptions upon which the model is formulated. This study provides residual diagnostics to check a housing valuation model for spatial and temporal correlations to reinforce that the model is methodologically sound. This study also examines external model validation by requiring double duty out of housing sales, using them to fit and cross validate the model.
Valuation approaches; Valuation - Mathematical models; Cross-validation
Ecker, M. D., & Isakson, H. R. (2022). Cross-validation techniques for resampling housing sales. Journal of Property Tax Assessment & Administration, 19(1). Retrieved from https://researchexchange.iaao.org/jptaa/vol19/iss1/4