Arithmetic Repeat Sales Price Estimators
Repeat sales price estimators are designed to infer price indexes of infrequently sold and unstandardized assets, such as houses, based only on changes in prices of those individual assets that are observed to be sold twice. Repeat sales price estimators are proposed here that are arithmetic, and either value-weighted or equally-weighted. Moreover, variants are proposed that are interval-weighted, i.e., that correct for a form of heteroskedasticity, and that include additional regressors representing changes in hedonic variables. Some of these methods are applied to data on house prices in Atlanta, Chicago, Dallas and San Francisco 1970-1986.
|Date of creation:||Feb 1991|
|Publication status:||Published in Journal of Housing Economics (1991), 1: 110-126|
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NBER Working Papers
2506, National Bureau of Economic Research, Inc.
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- Henry O. Pollakowski & Susan M. Wachter, 1990. "The Effects of Land-Use Constraints on Housing Prices," Land Economics, University of Wisconsin Press, vol. 66(3), pages 315-324.
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- Goetzmann, W.N., 1990. "Accounting For Taste: An Analysis Of Art Returns Over Three Centuries," Papers fb-_90-11, Columbia - Graduate School of Business.
- Jonathan H. Mark & Michael A. Goldberg, 1984. "Alternative Housing Price Indices: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 30-49.
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