Kelley Pace

I hold the LREC Endowed Chair of Real Estate at Louisiana State University (LSU). I work in the area of spatial statistics and spatiotemporal statistics. As a brief explanation of these fields, models applied to data yield errors. For observations close together in time or space, these errors usually display more similarity in magnitude and sign than standard textbook statistical formulae would predict. Spatial statistics and spatiotemporal statistics uses this phenomenon to improve estimation and prediction. For many types of data (e.g., house prices) the dependence among nearby observations is very strong. In these cases, spatial and spatiotemporal techniques can provide dramatic improvements over the simpler textbook techniques such as ordinary least squares (OLS).

In particular, I work on developing techniques in spatial statistics and spatiotemporal statistics that work for large data sets (or as a dual, rapid estimation of small to medium size data sets). In addition, I apply these and other spatial statistical and spatiotemporal statistical techniques to real estate data. I am especially interested in improving the prediction of individual house prices.

If you are interested in seeing specific titles of my papers, go to My Vita.

If you wish to learn more about spatial statistics or spatiotemporal statistics or to obtain free software, go to my site www.spatial-statistics.com

If you are interested in real estate applications of spatial statistical techniques, go to my LSU site.

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