How should the value of a condemned home be assessed for purposes of just compensation? Real estate appraisal was long an art, because science was not an alternative. In the era of big data, property values can be much more objectively and accurately assessed—with hedonic regression models that account for real estate characteristics. Yet appraisals by human beings are still used to assess residential property values. (Surprised? Think Moneyball....).  In this talk, I will introduce the basic idea of hedonic regression and show how statistical analysis of big data can increase the accuracy of property value assessments of houses (little, pink, or otherwise). And it can remove the subjectivity that has led many condemnees to
believe they were undercompensated. Using hedonic regression models to replace human appraisers in eminent domain practice admittedly has its pros and cons; thus, I will engage the normative debate of this radical policy proposal. 

This event is free and open to the public, but seating may be limited. Lunch provided.