Limit very high and low ratios by capping them to a fixed
boundary. If a property has a sale, its ratio should be adjusted to be within
these bounds.
For example, a property with an estimate of \$300,000 and a sale of
\$100,000 will have a sale ratio of 3. This function would lower the estimate
to the specified lower bound. If the lower bound were 2, then the estimate
would become \$200,000.
val_limit_ratios(truth, estimate, lower, upper)
Arguments
- truth
Vector of true market values. Typically sale prices.
- estimate
Vector of estimated market values. Typically model results.
- lower
The lower ratio bound for properties with sales. Typically 0.7.
- upper
The upper ratio bound for properties with sales. Typically 2.
Value
A vector of adjusted estimates.
Examples
sales <- c(20000, 15000, 30000, NA, 55000, 40000, NA)
estimates <- c(30000, 50000, 31000, 10000, 200000, 30000, 20000)
val_limit_ratios(sales, estimates, lower = 0.7, upper = 2.0)
#> [1] 30000 30000 31000 10000 110000 30000 20000