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Another Look at Nonresident Building Prices

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Author Info
Leonard J. Loebach (Bureau of Economic Analysis)
Abstract

In the early 1990's, former BEA Chief Statistician Frank de Leeuw explored the possibility of using project data from F.W. Dodge to estimate hedonic price indexes for nonresidential buildings. He rejected the idea citing the lack of “quality” characteristics in the data and that the results were not much different from the indexes currently in use. This paper re-examines the feasibility of price indexes using the Dodge data set. Using data for a single state, Maryland, price indexes for seven types of nonresidential buildings were estimated and were found to be reasonable. This paper concludes that the use of Dodge data as the basis for price indexes are feasible and worthy of further investigation.

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Paper provided by Bureau of Economic Analysis in its series BEA Working Papers with number 0021.

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Date of creation: 2005
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Handle: RePEc:bea:wpaper:0021

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E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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References listed on IDEAS
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  1. Michael Gort & Jeremy Greenwood & Peter Rupert, 1998. "Measuring the rate of technological progress in structures," Working Paper 9806, Federal Reserve Bank of Cleveland. [Downloadable!]
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  2. Paul D. Chwelos & Ernst R. Berndt & Iain M. Cockburn, 2004. "Faster, Smaller, Cheaper: An Hedonic Price Analysis of PDAs," NBER Working Papers 10746, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
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This page was last updated on 2009-12-2.

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