Sample Selection Bias in Estimating Housing Sales Prices
This paper explores the bias in estimates of housing price appreciation that arises because of problems of sample selection. As suggested by Haurin and Hendershott, sample selection potentially is a serious problem because studies normally are based on samples of only homes that have sold, not all houses. Using the procedure developed by Heckman, the empirical results of this study provide confirmation of the significance of the housing sample selection problem.
Volume (Year): 9 (1994)
Issue (Month): 3 ()
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- Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
- Heckman, James, 2013.
"Sample selection bias as a specification error,"
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- Karl E. Case & Robert J. Shiller, 1988.
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NBER Working Papers
2506, National Bureau of Economic Research, Inc.
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- Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
- Dolton, P. J. & Makepeace, G. H., 1987. "Interpreting sample selection effects," Economics Letters, Elsevier, vol. 24(4), pages 373-379.
- Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
- Gatzlaff, Dean H. & Haurin, Donald R., 1998. "Sample Selection and Biases in Local House Value Indices," Journal of Urban Economics, Elsevier, vol. 43(2), pages 199-222, March.
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