Hedonic Regressions and the Decomposition of a House Price index into Land and Structure Components
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 was useful to use a nonlinear regression model using data that covered multiple time periods. It also proved to be necessary to impose some restrictions on the price of structures. The resulting builderâ€™s hedonic regression model was compared with the results for traditional logarithmic hedonic regression models.
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Bibliographic InfoPaper provided by Vancouver School of Economics in its series Economics working papers with number erwin_diewert-2011-8.
Length: 45 pages
Date of creation: 05 Apr 2011
Date of revision: 05 Apr 2011
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Web page: http://www.economics.ubc.ca/
House price indexes; land and structure components; time dummy hedonic regressions; 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; Spatio-temporal Models
- 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-2011-07-27 (Agricultural Economics)
- NEP-ALL-2011-07-27 (All new papers)
- NEP-URE-2011-07-27 (Urban & Real Estate Economics)
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- Alicia Rambaldi & Prasada Rao, 2011. "Hedonic Predicted House Price Indices Using Time-Varying Hedonic Models with Spatial Autocorrelation," Discussion Papers Series 432, School of Economics, University of Queensland, Australia.
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