Characteristic |
Beta |
95% CI 1 |
|---|---|---|
| prefarea | ||
| prefareayes | 1,328,307 | 994,912, 1,664,933 |
| furnishingstatus | ||
| furnishingstatussemiMfurnished | -487,542 | -841,347, -132,762 |
| furnishingstatusunfurnished | -1,319,399 | -1,698,511, -948,528 |
| 1
CI = Credible Interval |
||
Model
We have created a linear regression model where estimated price is the outcome of preferred area and furnishing status of the housing. The mathematical model is
\[housing\_price = \beta_{0} + \beta_{1} prefareayes_i - \beta_{2}furnishingstatussemiMfurnished_i - \beta_{3}furnishingstatusfurnished_i + \epsilon_{i}\]
Below table summaries the regression coefficients of the model