ECO 311 Lecture Notes - Lecture 1: Sun Belt

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Published on 30 Jan 2018
School
Miami University
Department
Economics
Course
ECO 311
Professor
Created Dummy Variables for:
Type
condo
singlefam
townhouse
Status
cancelled
expired
pendingsale
sold
City
portstlucie
ftpierce
stuart
jensbch
stluciewest
plmcity
hutchisland
Pool
poolaccess
Zipcode
http://gis.stlucieco.gov/gis/MapGallery/ZipCodes.pdf
View Type
golfcourview
oceanview
intercoastview
riverview
lakeview
golfocean
golfintercoastal
golfriver
golflake
oceanintercoastal
oceanriver
oceanlake
intercostalriver
intercostallake
golfoceanintercoastal
golfoceanriver
golfoceanlake
golfintercoastalriver
golfintercoastallake
golfriverlake
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oceanintercoastalriver
oceanintercoastallake
oceanriverlake
intercoastalriverlake
golfoceanintercoastalriver
golfoceanintercoastallake
oceanintercoastalriverlake
golfoceanintercoastalriverlake
Variables That Should Be in Model
Days on Market
Days on Market Squared
View Combinations
City
Pool
Type
Year Sold
Bedrooms
Total baths
Garage spaces
Non-living Sqft
Non-living Sqft Squared
Living Sqft
Living Sqft Squared
Year Built
Dependent variable:
Sold price
Dropped Data:
Problem: Too many Bedrooms compared to Total Square Feet
tab livingsqft if bedrooms==40
drop if bedrooms == 40
Explanation: only 2,614 living square feet but 40 bedrooms
Solution: gen sqftperbedroom = livingsqft/bedrooms
drop if sqftperbedroom<1
drop if sqftperbedroom>5000
Problem: More Living Square Feet than Total Square Feet
Explanation: living square feet is the amount of total square feet that is living
area. So there can’t be more living square feet that total square feet because
living square feet is added into total square feet
Solution: gen sqftover = totalsqft - livingsqft
drop if sqftover<0
Problem: Too high of a Selling Price for # of Bedrooms and Living Square Feet
tab bedrooms if soldprice==14600000
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Document Summary

City condo singlefam townhouse cancelled expired pendingsale sold portstlucie ftpierce stuart jensbch stluciewest plmcity hutchisland poolaccess. Problem: too many bedrooms compared to total square feet tab livingsqft if bedrooms==40 drop if bedrooms == 40. Explanation: only 2,614 living square feet but 40 bedrooms. Solution: gen sqftperbedroom = livingsqft/bedrooms drop if sqftperbedroom<1 drop if sqftperbedroom>5000. Problem: more living square feet than total square feet. Explanation: living square feet is the amount of total square feet that is living area. So there can t be more living square feet that total square feet because living square feet is added into total square feet. Solution: gen sqftover = totalsqft - livingsqft drop if sqftover<0. Problem: too high of a selling price for # of bedrooms and living square feet tab bedrooms if soldprice==14600000 tab totalsqft if soldprice==14600000 tab city if soldprice==14600000 sum soldprice if ftpierce==1 drop if soldprice==14600000.

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