Modified Theil inequality coefficients are calculated as the ratios of the traditional income elasticity model RMSEs to the RMSEs of a random walk benchmark and random walk with drift. Results associated with the random walk are found in Table 1.6.

However, the random walk with drift completely out performs the traditional income elasticity model with inequality coefficients being greater than 1.00 for 14 of the 14 steps for both commercial and industrial property values.

In addition, differential error regression results for both the random walk benchmark and the random walk with drift benchmark were compared to the traditional income elasticity model.

The differential error regression results for random walk with drift also differ from the modified Theil inequality coefficients that indicated the random walk with drift model as the superior model for both commercial and industrial property values.

The regional structural econometric model (RSEM) is also benchmarked against random walk and random walk with drift benchmarks using the modified Theil inequality coefficients and error differential results.

Modified Theil Inequality Coefficients: Regional Structural Econometric Model to Random Walk and Random Walk with Drift

Modified Theil inequality coefficients results between the regional structural econometric model (RSEM) and random walk and random walk with drift benchmarks are in Table 2.3.

The differential error regression results reflect that the RSEM is the most accurate and superior model for both commercial and industrial property values when compared to the random walk and the random walk with drift benchmarks.

Modified Theil Inequality Coefficients: Univariate ARIMA Model to Random Walk and Random Walk with Drift

Modified Theil inequality coefficient results using the standard Box-Jenkins equations versus random walk and random walk with drift benchmarks are shown in Table 3.3.

The differential error regression results for the ARIMA model compared to the random walk and random walk with drift benchmarks can be found in Tables 3.4 and 3.5.

Modified Theil Inequality Coefficients: Trend Model RMSEs to Random Walk and Random Walk with Drift