Modelling Residential Building Costs in New Zealand: A Time-Series Transfer Function Approach

Table 2

Transfer function parameters in the different cost series.

Cost series	Model order			TF model parameters	Estimate	t-Statistics	value
	b	s	r
HBC1	0	0	2		0.414	2.189	0.034
					−0.959	−9.110	0
					−0.894	−8.434	0
					0.298	2.007	0.051
					0.311	2.630	0.211
	R^2 = 0.960, RMSE = 35.83, MAPE = 1.690, MAE = 25.63, BIC = 7.543
HBC2	3	1	1		−1.341	−2.969	0.005
					1.257	3.596	0.001
					0.429	2.103	0.041
	R^2 = 0.932, RMSE = 59.55, MAPE = 2.476, MAE = 43.56, BIC = 8.405
HBC3	3	0	2		1.088	3.327	0.002
					−0.790	−4.529	0
					−0.645	−3.698	0.001
	R^2 = 0.952, RMSE = 47.62, MAPE = 1.850, MAE = 34.73, BIC = 7.961