Austin
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Virginia
Steven:
I was watching some TV program last night and someone quoted something Dr. Henry Kissinger once said to paraphrase:
People interested in arcane academic subject are notorious for engaging in heated warfare over an issue of little of no consequence, especially when absolutely nothing is at stake.
I think I told you this story before but some others might enjoy it. About a year ago I had long telephone conservation with a modeling expert that has been teaching and writing course material for years on regression and modeling mostly for the AI I think. Talk about ranting, when I told him I used stepwise regression analysis he blew his cork shouting that no one with the least knowledge of statistics used stepwise regression analysis because the procedure had been totally discredited years ago. He stated that if I was using stepwise regression I was out to lunch on this subject and then abruptly said good day and hung up. He called me, I didn't call him. Less than one year later the AI put out its latest book on valuation modeling and their entire model is based on using stepwise regression models. That is what I like about the AI, they have a broad tent that we can all stand under. You can call the variables A & B, I can call them date and GLA, you can say the individual variables are meaningful even thought there are 7 versions of the same factor, and I can say the factors are useful but meaningless and that is why you can have 7 measures for the same factor. With so much at stake, who really cares? :rainfro:
I was watching some TV program last night and someone quoted something Dr. Henry Kissinger once said to paraphrase:
People interested in arcane academic subject are notorious for engaging in heated warfare over an issue of little of no consequence, especially when absolutely nothing is at stake.
I think I told you this story before but some others might enjoy it. About a year ago I had long telephone conservation with a modeling expert that has been teaching and writing course material for years on regression and modeling mostly for the AI I think. Talk about ranting, when I told him I used stepwise regression analysis he blew his cork shouting that no one with the least knowledge of statistics used stepwise regression analysis because the procedure had been totally discredited years ago. He stated that if I was using stepwise regression I was out to lunch on this subject and then abruptly said good day and hung up. He called me, I didn't call him. Less than one year later the AI put out its latest book on valuation modeling and their entire model is based on using stepwise regression models. That is what I like about the AI, they have a broad tent that we can all stand under. You can call the variables A & B, I can call them date and GLA, you can say the individual variables are meaningful even thought there are 7 versions of the same factor, and I can say the factors are useful but meaningless and that is why you can have 7 measures for the same factor. With so much at stake, who really cares? :rainfro: