AI in Real Estate Finance
Property descriptions carry priced information that hedonic models miss (Journal of Urban Economics, 2021)
Summary of Information Value of Property Description: A Machine Learning Approach, with Stephen L. Ross. A machine-learning measure of the soft information in listing text raises sale prices by 15 percent per standard deviation in a hedonic model and 10 percent in a repeat-sales model, and price indices that ignore it overstate prices by 10 to 23 percent and mistime the post-recession stabilization.