Breusch-Pagan/Cook-Weisberg Test and Ramsey RESET Test for Heteroskedasticity ModelsBreusch-Pagan / Cook-Weisberg testRamsey RESET test Prob > chi2Prob > F resi10.43020.3929 resi20.3440.57 resi30.20320.1845 resi40.4390.0924
Result OLS Favored Population and Income Wrong Sign and Insignificant Correlation between Land Price and House Price High
Disadvantage of Paper Small Sample –Reliability of Estimates –Could Hardly Account for Structural Breaks
Conclusion Our Results Confirm with More Recent Results on the Movement of House Price Appreciation Economic Fundamentals Do NOT Explain House Price Appreciations as Theory Predicted High Correlation between Land Price and House Price Indicates Developers Dominate Market
Suggestions Government Could Provide More Land to the Market Encourage Competition among Developers Raise Land Price
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