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Estimating time, age and vintage effects in housing prices

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  • Coulson, N. Edward
  • McMillen, Daniel P.

Abstract

The simultaneous estimation of vintage, age and time of sale effects in hedonic models is generally thought to be impossible without some restriction on functional form. This is not the case. We extend and employ the method of McKenzie (McKenzie, D., 2006. Disentangling age, cohort and time effects in the additive model. Oxford Bulletin of Economics and Statistics, 68, 473-495) to estimate additive, but otherwise unrestricted nonparametric hedonic effects of these three temporal variables for a large sample of transactions from Chicago. We compare these to standard treatments of these three variables in hedonic models, and also test for the restrictions that would be implied by linear and quadratic temporal effects, which are all strongly rejected.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 17 (2008)
Issue (Month): 2 (June)
Pages: 138-151

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Handle: RePEc:eee:jhouse:v:17:y:2008:i:2:p:138-151

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Web page: http://www.elsevier.com/locate/inca/622881

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References

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  1. David McKenzie, 2002. "Distangling Age, Cohort and Time Effects in the Additive Model," Working Papers 02009, Stanford University, Department of Economics.
  2. Dye, Richard F. & McMillen, Daniel P., 2007. "Teardowns and land values in the Chicago metropolitan area," Journal of Urban Economics, Elsevier, vol. 61(1), pages 45-63, January.
  3. N. Edward Coulson & Michael L. Lahr, 2005. "Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(3), pages 487-507, 09.
  4. Cannaday, Roger E. & Munneke, Henry J. & Yang, Tyler T., 2005. "A multivariate repeat-sales model for estimating house price indices," Journal of Urban Economics, Elsevier, vol. 57(2), pages 320-342, March.
  5. Clapp, John M. & Giaccotto, Carmelo, 1998. "Residential Hedonic Models: A Rational Expectations Approach to Age Effects," Journal of Urban Economics, Elsevier, vol. 44(3), pages 415-437, November.
  6. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
  7. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  8. G. Sirmans & Lynn MacDonald & David Macpherson & Emily Zietz, 2006. "The Value of Housing Characteristics: A Meta Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 215-240, November.
  9. Helms, Andrew C., 2003. "Understanding gentrification: an empirical analysis of the determinants of urban housing renovation," Journal of Urban Economics, Elsevier, vol. 54(3), pages 474-498, November.
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Cited by:
  1. Jovanovic, Boyan & Yatsenko, Yuri, 2012. "Investment in vintage capital," Journal of Economic Theory, Elsevier, vol. 147(2), pages 551-569.
  2. Yan, Sisi & Delmelle, Eric & Duncan, Michael, 2012. "The impact of a new light rail system on single-family property values in Charlotte, North Carolina," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(2), pages 60-67.

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