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The easiest way is taking the median instead of the mean. For more info and other methods, search for “robust estimators”.
by occamrazor 8y ago
The easiest way is taking the median instead of the mean. For more info and other methods, search for “robust estimators”.
- pmiller2 8y agoI guess I wasn't clear enough. Using the median certainly works better if you're looking at the population of "all 2BR apartments." But, I would contend that's a mistake, as luxury apartments are really fundamentally different from non-luxury apartments. And, among luxury apartments, individual amenities matter. A pool is likely to be less relevant than a doorman, for instance. Statistically, I don't see any good way around this other than doing a really gnarly ANOVA to tease out the prices of individual amenities.
- loeg 8y ago2BR just happens to be the category the article chose. It's a reasonable assumption that e.g. families with a kid are going to rent at least a 2BR — of any age and luxury — if they can afford to.