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An Empirical Study of Sample-Selection Bias in Indices of Commercial Real Estate

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  • Munneke, Henry J
  • Slade, Barrett A
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    Abstract

    Real estate price indices based solely on samples of sold properties may not accurately represent the population of properties due to potential sample-selection bias. This study addresses this potential for sample-selection bias in the construction of commercial price indices within the context of the Phoenix area office market. The empirical analysis confirms the presence of sample-selection bias in the estimation of the total price equation. However, within this sample, the price indices generated after correcting for sample-selection bias do not appear significantly different from those that do not consider selectivity bias. Copyright 2000 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 21 (2000)
    Issue (Month): 1 (July)
    Pages: 45-64

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    Handle: RePEc:kap:jrefec:v:21:y:2000:i:1:p:45-64

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. S. Akin & Val Lambson & Grant McQueen & Brennan Platt & Barrett Slade & Justin Wood, 2013. "Rushing to Overpay: Modeling and Measuring the REIT Premium," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 506-537, October.
    2. Donald R Haurin, 2005. "US commercial real estate indices: transaction-based and constant-liquidity indices," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 232-242 Bank for International Settlements.
    3. Stephen D. Oliner & Joseph B. Nichols & Michael R. Mulhall, 2012. "Swings in commercial and residential land prices in the United States," Working Papers 35088, American Enterprise Institute.
    4. Peter Colwell & Henry Munneke, 2006. "Bargaining Strength and Property Class in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 197-213, November.
    5. C. Sirmans & Barrett Slade, 2012. "National Transaction-based Land Price Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 45(4), pages 829-845, November.
    6. Jeff Fisher & David Geltner & Henry Pollakowski, 2007. "A Quarterly Transactions-based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 5-33, January.
    7. J. Benjamin & P. Chinloy & G. Jud & D. Winkler, 2007. "Do Some People Work Harder than Others? Evidence from Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 35(1), pages 95-110, July.
    8. A. Collins & A. E. Scorcu & R. Zanola, 2007. "Sample Selection Bias and Time Instability of Hedonic Art Price Indexes," Working Papers 610, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Zanola, Roberto, 2007. "The Dynamics of Art Prices: The Selection Corrected Repeat-Sales Index," POLIS Working Papers 76, Institute of Public Policy and Public Choice - POLIS.
    10. Joseph B. Nichols & Stephen D. Oliner & Michael R. Mulhall, 2010. "Commercial and residential land prices across the United States," Finance and Economics Discussion Series 2010-16, Board of Governors of the Federal Reserve System (U.S.).
    11. Peter Colwell & Henry Munneke, 2009. "Directional Land Value Gradients," The Journal of Real Estate Finance and Economics, Springer, vol. 39(1), pages 1-23, July.

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