The Decomposition of a House Price index into Land and Structures Components: A Hedonic Regression Approach
AbstractThe paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using readily available real estate sales data for a Dutch city. In order to get sensible results, it proved necessary to use a nonlinear regression model using data that covered multiple time periods. It also proved to be necessary to impose some monotonicity restrictions on the price of land and structures. The results of the additive model were compared with the results of a traditional logarithmic hedonic regression model.
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Bibliographic InfoPaper provided by UBC Department of Economics in its series UBC Departmental Archives with number erwin_diewert-2010-1.
Length: 29 pages
Date of creation: 28 Jan 2010
Date of revision: 13 Jul 2010
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Property price indexes; hedonic regressions; repeat sales method; rolling year indexes; Fisher ideal indexes.;
Find related papers by JEL classification:
- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
This paper has been announced in the following NEP Reports:
- NEP-AGR-2010-02-13 (Agricultural Economics)
- NEP-ALL-2010-02-13 (All new papers)
- NEP-URE-2010-02-13 (Urban & Real Estate Economics)
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