Econometric Modeling and Estimation of Theoretically Consistent Housing Price Indexes
AbstractRecent developments in the economic theory behind hedonic price models and price index numbers have shown that the preferred combination is one where hedonic imputed price indexes (HI) are computed using predictions from time varying hedonic functions. This paper proposes a spatial time series model as the econometric model consistent with the theoretical developments. In addition, the paper deals with issues relating to HI index numbers including weighting systems, seasonality in housing sales data, and the construction of annual and monthly chained indexes.
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Bibliographic InfoPaper provided by School of Economics, University of Queensland, Australia in its series CEPA Working Papers Series with number WP042013.
Date of creation: Jul 2013
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-05 (All new papers)
- NEP-GEO-2013-08-05 (Economic Geography)
- NEP-URE-2013-08-05 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Silver, Mick, 1999. "An Evaluation of the Use of Hedonic Regressions for Basic Components of Consumer Price Indices," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(1), pages 41-56, March.
- G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
- Eugene Kouassi & Joel Sango & J. M. Bosson Brou & Francis N. Teubissi & Kern O. Kymn, 2011. "Prediction from the regression model with two‐way error components," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 30(6), pages 541-564, September.
- Robert J. Hill & Daniel Melser, 2008. "Hedonic Imputation And The Price Index Problem: An Application To Housing," Economic Inquiry, Western Economic Association International, vol. 46(4), pages 593-609, October.
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