On Choosing Among House Price Index Methodologies
Housing price indices estimated using 3 models with several sets of property transaction data are compared. The commonly used hedonic price model suffers from potential specification bias and inefficiency, while the weighted repeat-sales model presents potentially more serious bias and inefficiency...
Saved in:
| Published in | Real estate economics Vol. 19; no. 3; p. 286 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Bloomington
Blackwell Publishing Ltd
01.09.1991
|
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | Housing price indices estimated using 3 models with several sets of property transaction data are compared. The commonly used hedonic price model suffers from potential specification bias and inefficiency, while the weighted repeat-sales model presents potentially more serious bias and inefficiency problems. A hybrid model combining hedonic and repeat-sales equations avoids most of these sources of bias and inefficiency. The performance of each type of model is evaluated using a particularly rich local housing market database. The results, though ambiguous, appear to confirm the problems with the repeat sales model but suggest that systematic differences between repeat-transacting and single-transacting properties lead to bias in the hedonic and hybrid models as well. The comparison does not find clear efficiency gains from using the hybrid model, but it is hypothesized that this is a result of dissimilarities in the subsamples. |
|---|---|
| AbstractList | Housing price indices estimated using 3 models with several sets of property transaction data are compared. The commonly used hedonic price model suffers from potential specification bias and inefficiency, while the weighted repeat-sales model presents potentially more serious bias and inefficiency problems. A hybrid model combining hedonic and repeat-sales equations avoids most of these sources of bias and inefficiency. The performance of each type of model is evaluated using a particularly rich local housing market database. The results, though ambiguous, appear to confirm the problems with the repeat sales model but suggest that systematic differences between repeat-transacting and single-transacting properties lead to bias in the hedonic and hybrid models as well. The comparison does not find clear efficiency gains from using the hybrid model, but it is hypothesized that this is a result of dissimilarities in the subsamples. |
| Author | Pollakowksi, Henry O Case, Bradford Wachter, Susan M |
| Author_xml | – sequence: 1 givenname: Bradford surname: Case fullname: Case, Bradford – sequence: 2 givenname: Henry surname: Pollakowksi middlename: O fullname: Pollakowksi, Henry O – sequence: 3 givenname: Susan surname: Wachter middlename: M fullname: Wachter, Susan M |
| BookMark | eNo9T01LAzEUDFLBtnr2GrynvnxuciyL2kKlHvRcdpOXdktNdNMFf74LFucwM8xhhpmRScoJCbnnsOAjHrlWwIwQbgGgtboi0_9kMnqwwKwRcENmpRwBgLsKpoRvE60POZcu7enyM4-8ykNB-tZ3Huk6Bfyhr3g-5JBPed9huSXXsTkVvLvonHw8P73XK7bZvqzr5YZ5KY1iRpnodWiDixINSi-jVxjRm2hD47SuUIFqRdu01nFpeVDgmspgaFrvg5Fz8vDX-9Xn7wHLeXfMQ5_GyZ0Y_8oKBMhf1-tHRQ |
| CitedBy_id | crossref_primary_10_1111_j_1540_6229_2009_00256_x crossref_primary_10_2139_ssrn_2237783 crossref_primary_10_1108_JIABR_11_2015_0058 crossref_primary_10_3917_ecop_180_0107 crossref_primary_10_1080_09640568_2010_502760 crossref_primary_10_2139_ssrn_2127336 crossref_primary_10_1108_IJHMA_07_2012_0032 crossref_primary_10_2139_ssrn_2458491 crossref_primary_10_1080_10835547_1995_12090803 crossref_primary_10_1108_17538271311305995 crossref_primary_10_1093_rfs_hhv062 crossref_primary_10_2139_ssrn_2540742 crossref_primary_10_1177_0042098018760708 crossref_primary_10_1080_02673037_2011_581908 crossref_primary_10_2139_ssrn_2533017 crossref_primary_10_1515_apjri_2017_0003 crossref_primary_10_1006_juec_1997_2045 crossref_primary_10_1007_s11146_007_9104_0 crossref_primary_10_1214_10_AOAS380 crossref_primary_10_1016_j_jhe_2013_02_004 crossref_primary_10_1080_03585522_2020_1759681 crossref_primary_10_1108_17538271311305986 crossref_primary_10_1111_1540_6229_00663 crossref_primary_10_2139_ssrn_2101631 crossref_primary_10_1061__ASCE_UP_1943_5444_0000651 crossref_primary_10_1080_00779959809544283 crossref_primary_10_1080_10835547_1998_12091929 crossref_primary_10_1108_14635780210416255 crossref_primary_10_1108_IJHMA_01_2021_0005 crossref_primary_10_2139_ssrn_1470448 crossref_primary_10_1111_1540_6229_00711 crossref_primary_10_1016_j_jue_2020_103299 crossref_primary_10_1007_s00168_007_0180_0 crossref_primary_10_1080_10835547_1997_12090880 crossref_primary_10_1111_1540_6229_12020 crossref_primary_10_1080_10835547_2005_12090166 crossref_primary_10_1108_17538271011063889 crossref_primary_10_1111_j_1540_6229_2012_00346_x crossref_primary_10_1007_BF03399266 crossref_primary_10_1111_j_1540_6229_2006_00160_x crossref_primary_10_1177_0042098009360689 crossref_primary_10_1007_s00168_012_0519_z crossref_primary_10_1007_s10901_023_10041_1 crossref_primary_10_1016_j_jhe_2010_04_001 crossref_primary_10_1016_j_tra_2013_07_015 crossref_primary_10_1006_jhec_2000_0267 crossref_primary_10_1080_10835547_1999_12091005 crossref_primary_10_1080_09599916_2010_500394 crossref_primary_10_1080_10835547_2014_12090375 crossref_primary_10_1016_1051_1377_92_90004_A crossref_primary_10_1007_s42786_022_00043_y crossref_primary_10_1146_annurev_financial_111914_041850 crossref_primary_10_1080_10527001_2021_2013058 crossref_primary_10_1080_10835547_2008_12091224 crossref_primary_10_1007_s10618_018_00612_0 crossref_primary_10_1007_s11146_013_9416_1 crossref_primary_10_1108_17538271011080655 crossref_primary_10_1108_IJHMA_10_2015_0063 crossref_primary_10_1111_ehr_12418 crossref_primary_10_1016_j_regsciurbeco_2024_103993 crossref_primary_10_1111_1540_6229_00681 crossref_primary_10_1080_14445921_2005_11104186 crossref_primary_10_1111_obes_12534 crossref_primary_10_1016_j_tra_2010_09_002 crossref_primary_10_22478_ufpb_2318_1001_2020v8n1_44848 crossref_primary_10_1080_10835547_1998_12090912 crossref_primary_10_1111_1540_6229_00737 crossref_primary_10_1080_10835547_2012_12089928 crossref_primary_10_2139_ssrn_1084984 crossref_primary_10_1016_j_regsciurbeco_2016_04_001 crossref_primary_10_1080_19475683_2021_1906746 crossref_primary_10_1016_j_tre_2024_103500 crossref_primary_10_1016_j_regsciurbeco_2015_12_001 crossref_primary_10_1111_1475_4932_12639 crossref_primary_10_17208_jkpa_2024_02_59_1_103 crossref_primary_10_2139_ssrn_2532874 crossref_primary_10_1007_s11146_013_9434_z crossref_primary_10_1007_s43071_021_00013_4 crossref_primary_10_1080_09599916_2016_1258718 crossref_primary_10_1016_j_jbankfin_2015_08_026 crossref_primary_10_2139_ssrn_598 crossref_primary_10_47818_DRArch_2020_v1i1004 crossref_primary_10_1080_10835547_1998_12090927 crossref_primary_10_1111_1540_6229_00742 crossref_primary_10_5089_9781475552249_001 crossref_primary_10_1108_17538271211243625 crossref_primary_10_1111_ecoj_12213 crossref_primary_10_1016_1051_1377_92_90007_D crossref_primary_10_1007_s11146_015_9497_0 crossref_primary_10_1111_1540_6229_12277 crossref_primary_10_1108_14635780410525135 crossref_primary_10_2139_ssrn_258599 crossref_primary_10_1007_s11146_013_9429_9 crossref_primary_10_1016_j_jhe_2008_03_002 crossref_primary_10_1016_j_retrec_2019_06_001 crossref_primary_10_1016_j_jhe_2006_03_001 crossref_primary_10_1017_S0212610914000032 crossref_primary_10_1007_s11146_005_1369_6 crossref_primary_10_2139_ssrn_895232 crossref_primary_10_1016_j_landusepol_2021_105898 crossref_primary_10_1111_reec_12013 crossref_primary_10_1162_rest_2006_88_1_100 crossref_primary_10_1080_10835547_2007_12091202 crossref_primary_10_2139_ssrn_468722 crossref_primary_10_1080_0042098032000146858 crossref_primary_10_1006_jhec_1997_0209 crossref_primary_10_2139_ssrn_258588 crossref_primary_10_1111_1540_6229_12229 crossref_primary_10_1080_10511482_2001_9521419 crossref_primary_10_2139_ssrn_1107535 crossref_primary_10_2139_ssrn_1634620 crossref_primary_10_1016_j_jue_2004_12_001 crossref_primary_10_30902_jrea_2017_3_1_35 crossref_primary_10_1016_S0166_0462_02_00028_5 crossref_primary_10_1016_j_jhe_2009_07_012 crossref_primary_10_1080_10835547_1994_12090753 crossref_primary_10_1111_1540_6229_00801 crossref_primary_10_1108_02637470510631492 crossref_primary_10_2139_ssrn_631008 crossref_primary_10_1177_088541229801200301 crossref_primary_10_1007_s11146_019_09723_x crossref_primary_10_1016_j_jhe_2014_01_005 crossref_primary_10_1080_00420980600711316 crossref_primary_10_1080_10835547_2004_12090146 crossref_primary_10_1111_1540_6229_12298 crossref_primary_10_2139_ssrn_1945199 crossref_primary_10_1006_juec_1997_2062 crossref_primary_10_2139_ssrn_1107525 crossref_primary_10_1016_S1051_1377_05_80015_4 crossref_primary_10_1177_19389655211058685 crossref_primary_10_2139_ssrn_607 crossref_primary_10_2139_ssrn_3014210 crossref_primary_10_1080_17421772_2018_1395063 crossref_primary_10_1515_jbnst_2010_0612 crossref_primary_10_2139_ssrn_1138641 |
| ContentType | Journal Article |
| Copyright | Copyright American Real Estate and Urban Economic Association Fall 1991 |
| Copyright_xml | – notice: Copyright American Real Estate and Urban Economic Association Fall 1991 |
| DBID | 3V. 7WY 7WZ 7XB 87Z 8FE 8FG 8FK 8FL 8G5 ABJCF ABUWG AFKRA AZQEC BENPR BEZIV BGLVJ CCPQU DWQXO FRNLG F~G GNUQQ GUQSH HCIFZ K60 K6~ L.- L6V M0C M2O M7S MBDVC PADUT PQBIZ PQBZA PQEST PQQKQ PQUKI PRINS PTHSS PYYUZ Q9U S0X |
| DOI | 10.1111/1540-6229.00554 |
| DatabaseName | ProQuest Central (Corporate) ABI/INFORM Collection ABI/INFORM Global (PDF only) ProQuest Central (purchase pre-March 2016) ABI/INFORM Global (Alumni Edition) ProQuest SciTech Collection ProQuest Technology Collection ProQuest Central (Alumni) (purchase pre-March 2016) ABI/INFORM Collection (Alumni Edition) Research Library (Alumni Edition) Materials Science & Engineering Collection ProQuest Central (Alumni) ProQuest Central ProQuest Central Essentials ProQuest Central Business Premium Collection Technology Collection ProQuest One Community College ProQuest Central Korea Business Premium Collection (Alumni) ABI/INFORM Global (Corporate) ProQuest Central Student Research Library Prep SciTech Premium Collection ProQuest Business Collection (Alumni Edition) ProQuest Business Collection ABI/INFORM Professional Advanced ProQuest Engineering Collection ABI/INFORM Global Research Library Engineering Database Research Library (Corporate) Research Library China One Business (ProQuest) ProQuest One Business (Alumni) ProQuest One Academic Eastern Edition (DO NOT USE) ProQuest One Academic ProQuest One Academic UKI Edition ProQuest Central China Engineering Collection ABI/INFORM Collection China ProQuest Central Basic SIRS Editorial |
| DatabaseTitle | ABI/INFORM Global (Corporate) ProQuest Business Collection (Alumni Edition) ProQuest One Business Research Library Prep ProQuest Central Student Technology Collection ProQuest Central Essentials SIRS Editorial ProQuest Central (Alumni Edition) SciTech Premium Collection ProQuest One Community College Research Library (Alumni Edition) ProQuest Central China ABI/INFORM Complete ProQuest Central ABI/INFORM Professional Advanced ProQuest Engineering Collection ProQuest Central Korea ProQuest Research Library Research Library China ABI/INFORM Complete (Alumni Edition) Engineering Collection Business Premium Collection ABI/INFORM Global Engineering Database ABI/INFORM Global (Alumni Edition) ProQuest Central Basic ProQuest One Academic Eastern Edition ABI/INFORM China ProQuest Technology Collection ProQuest SciTech Collection ProQuest Business Collection ProQuest One Academic UKI Edition Materials Science & Engineering Collection ProQuest One Business (Alumni) ProQuest One Academic ProQuest Central (Alumni) Business Premium Collection (Alumni) |
| DatabaseTitleList | ABI/INFORM Global (Corporate) |
| Database_xml | – sequence: 1 dbid: 8FG name: ProQuest Technology Collection url: https://search.proquest.com/technologycollection1 sourceTypes: Aggregation Database |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics |
| EISSN | 1540-6229 |
| ExternalDocumentID | 763953 |
| GeographicLocations | United States--US |
| GeographicLocations_xml | – name: United States--US |
| GroupedDBID | -~X 0R~ 123 1OB 1OC 29P 33P 3V. 50Y 50Z 51W 51Y 52M 52O 52Q 52T 52U 52W 5HH 5LA 66C 702 7PT 7WY 7XB 8-0 8-1 8FE 8FG 8FH 8FK 8FL 8G5 8R4 8R5 8UM 8V8 AAESR ABCQN ABJCF ABJNI ABPPZ ABUWG ACGFO ACGFS ACHQT ACIWK ACNCT ACXQS ADEMA ADKYN ADZMN AEGXH AEMOZ AEUQT AFBPY AFEBI AFKRA AFRAH AHEFC AIAGR AKVCP ALAGY ALMA_UNASSIGNED_HOLDINGS AMBMR AZQEC BAFTC BENPR BEZIV BGLVJ BPHCQ BY8 CAG CCPQU COF CS3 D-C D-D DC6 DCZOG DJZPD DR2 DU5 DWQXO EBR EBU EMK EOH FRNLG FZ0 G50 GNUQQ GODZA GROUPED_ABI_INFORM_COMPLETE GUQSH HCIFZ HZ~ IAO IEA IGG IHT IOF IX1 J0M K60 K6~ L.- L6V LC2 LC4 LEEKS LW6 M0C M2O M7S MBDVC MK4 N04 N06 N95 N9A NF~ O66 O9- OIG P2P P2W P2Y PADUT PALCI PQBIZ PQBZA PQEST PQQKQ PQUKI PRINS PROAC PTHSS Q.N Q9U QN7 RIWAO RJQFR RX1 S0X SAMSI SUPJJ TH9 TN5 TWZ U5U V8K W8V W99 WBKPD WEBCB WH7 WIH WXSBR YNT ~WP |
| ID | FETCH-LOGICAL-c3364-646fc5dbd9f3e6e3c3fc4efec6f8da9557e404b2bab891381d409a76edabccd63 |
| IEDL.DBID | BENPR |
| ISSN | 1080-8620 |
| IngestDate | Thu Oct 10 20:18:02 EDT 2024 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Issue | 3 |
| Language | English |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c3364-646fc5dbd9f3e6e3c3fc4efec6f8da9557e404b2bab891381d409a76edabccd63 |
| PQID | 211137020 |
| PQPubID | 47936 |
| ParticipantIDs | proquest_journals_211137020 |
| PublicationCentury | 1900 |
| PublicationDate | September 1991 |
| PublicationDateYYYYMMDD | 1991-09-01 |
| PublicationDate_xml | – month: 09 year: 1991 text: September 1991 |
| PublicationDecade | 1990 |
| PublicationPlace | Bloomington |
| PublicationPlace_xml | – name: Bloomington |
| PublicationTitle | Real estate economics |
| PublicationYear | 1991 |
| Publisher | Blackwell Publishing Ltd |
| Publisher_xml | – name: Blackwell Publishing Ltd |
| SSID | ssj0001970 |
| Score | 1.6893367 |
| Snippet | Housing price indices estimated using 3 models with several sets of property transaction data are compared. The commonly used hedonic price model suffers from... |
| SourceID | proquest |
| SourceType | Aggregation Database |
| StartPage | 286 |
| SubjectTerms | Bias Indexation Market prices Mathematical models Real estate sales Statistical analysis Studies |
| Title | On Choosing Among House Price Index Methodologies |
| URI | https://www.proquest.com/docview/211137020 |
| Volume | 19 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV25TgMxELVIUkCDOAUEIhe0Frs-dysUooSAlIAQkdJFPkW1C2z4fzwbJwUFtStfb2Y8z-8hdJtLXQQnDGFMM8JDoKRUxsd7JbzNjAuCwwfn2VxOF_x5KZaJm9MkWuUWE1ugdrWFN_I7Cp7oKiY3959fBEyjoLmaHDQ6qEdzDl3a3sN4_vq2g-K8VBs5giIjMXXPkrYPUHlyYARISkGuUoAZwB8obuPL5AgdpsQQDzc7eYz2fHWC9rf_hptTlL9UePRR11Dc4yF4BOFpLNs9bp3b8RPIHuJZawjdAppvztBiMn4fTUkyPCCWMcmJ5DJY4YwrA_PSM8uC5T54K0PhdCmE8jzjhhptoLsYU81YnWklvdPGWifZOepWdeUvELbBBWqYk8K0mmom15bSwFUZVKwh7CXqb-e7Sqe2We3W-Orf0T462BCmgGl1jbrr7x9_E0Pz2gxQp5g8DtI2_AJ-kY7_ |
| link.rule.ids | 315,786,790,12792,21416,27955,27956,33406,33777,43633,43838,74390,74657 |
| linkProvider | ProQuest |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV27TsMwFLWgDGVBPAWUhwdWi8SvJBOqKkIKbVlaqVvlp5gSIOX_8U3dDgzMnmxfH9_re3wOQg-pVLm3QhPGFCPce0qKTLtwroQzibZecPjgPJ3JasFfl2IZuTltpFVuMbEDatsYeCN_pOCJnoXk5unzi4BpFDRXo4PGPjrgTDII87x82QFxWmQbMYI8ISFxT6KyDxB5UuADSEpBrFKAFcAfIO5ul_IYHcW0EA83-3iC9lx9ivrbX8PtGUrfazz6aBoo7fEQHIJwFYp2hzvfdjwG0UM87eygOzhz7TlalM_zUUWi3QExjElOJJfeCKtt4ZmTjhnmDXfeGelzqwohMscTrqlWGnqLIdEMtZnKpLNKG2Mlu0C9uqndJcLGW081s1LoTlFNp8pQ6nlW-CxUEOYKDbbzXcWYbVe7Fb7-d_Qe9av5dLKajGdvA3S4oU4B5-oG9dbfP-42XNJrfddtxS93CY-g |
| linkToPdf | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwfV07T8MwGLSgSMCCeAooDw-sVhO_kkyoKoQWaGGgUrfKT3VKgJT_j7_U7cDAnMn57PN99vkOobtUqtxboQljihHuPSVFpl1YV8KZRFsvODxwHk_kcMqfZ2IWLYWaKKtcY2IL1LY2cEbeo5CJngVy0_NRFfH-UN5_fhEIkIKL1pimsY12gGNDikNePm1AOS2ylTFBnpBA4pPo8gOinhS0AZJSMK4UEAvwB5TbnaY8RAeRIuL-qqZHaMtVx2hv_YK4OUHpW4UHi7qGNh_3IS0ID0MD73Cb4Y5HYICIx200dAttrjlF0_LxYzAkMfqAGMYkJ5JLb4TVtvDMSccM84Y774z0uVWFEJnjCddUKw33jIF0hj5NZdJZpY2xkp2hTlVX7hxh462nmlkpdOuuplNlKPU8K3wWuglzgbrr8c7j_G3mm799-e_XW7QbqjB_HU1eumh_paIC-dUV6iy_f9x12K-X-qatxC_sF5PV |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=On+Choosing+Among+House+Price+Index+Methodologies&rft.jtitle=Real+estate+economics&rft.au=Case%2C+Bradford&rft.au=Pollakowksi%2C+Henry+O&rft.au=Wachter%2C+Susan+M&rft.date=1991-09-01&rft.pub=Blackwell+Publishing+Ltd&rft.issn=1080-8620&rft.eissn=1540-6229&rft.volume=19&rft.issue=3&rft.spage=286&rft_id=info:doi/10.1111%2F1540-6229.00554&rft.externalDBID=HAS_PDF_LINK&rft.externalDocID=763953 |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=1080-8620&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=1080-8620&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=1080-8620&client=summon |