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The reliability of self-reported home values in a developing country context

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Author Info

  • Climent Quintana

    (Universidad de Alicante)

  • Marco González

    (Princeton University)

Abstract

We analyze the reliability of homeowners¿ estimates of the value of their houses, in a household survey (of poor suburbs) of a developing country. We show that non-response to the home value question by the owner is uncorrelated with the appraised value of the house and other demographic characteristics of the respondent. We also document that homeowners with long tenure largely overestimate the value of their home. Moreover, both the bias and the lack of precision in homeowners¿ estimates are correlated with tenure, but not with socioeconomic characteristics. However, we also show that self-reported home values from short-tenure homeowners can be used to obtain unbiased and precise estimates of the average house value at the census tract level.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2008-18.pdf
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2008-18.

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Length: 40 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2008-18

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Keywords: bias; inaccuracy; housing prices; owners¿ estimates; appraised values.;

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  1. Campbell, John Y. & Cocco, Joao F., 2007. "How do house prices affect consumption? Evidence from micro data," Journal of Monetary Economics, Elsevier, vol. 54(3), pages 591-621, April.
  2. Jimenez, Emmanuel, 1982. "The Value of Squatter Dwellings in Developing Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 30(4), pages 739-52, July.
  3. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, July.
  4. César Martinelli & Susan W. Parker, 2006. "Deception and Misreporting in a Social Program," Levine's Bibliography 321307000000000120, UCLA Department of Economics.
  5. DiPasquale, Denise & Somerville, C. Tsuriel, 1995. "Do House Price Indices Based on Transacting Units Represent the Entire Stock? Evidence from the American Housing Survey," Journal of Housing Economics, Elsevier, vol. 4(3), pages 195-229, September.
  6. F. Thomas Juster & Joseph P. Lupton & James P. Smith & Frank Stafford, 2004. "The decline in household saving and the wealth effect," Finance and Economics Discussion Series 2004-32, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Gonzalez-Navarro, Marco & Quintana-Domeque, Climent, 2010. "Urban Infrastructure and Economic Development: Experimental Evidence from Street Pavement," IZA Discussion Papers 5346, Institute for the Study of Labor (IZA).
  2. Gabriele Galati & Federica Teppa & Rob Alessie, 2011. "Macro and micro drivers of house price dynamics: An application to Dutch data," DNB Working Papers 288, Netherlands Central Bank, Research Department.

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