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The reliability of self-reported home values in a developing country context

  • Climent Quintana

    (Universidad de Alicante)

  • Marco González

    (Princeton University)

We analyze the reliability of homeowners¿ estimates of the value of their houses, in a household survey (of poor suburbs) of a developing country. We show that non-response to the home value question by the owner is uncorrelated with the appraised value of the house and other demographic characteristics of the respondent. We also document that homeowners with long tenure largely overestimate the value of their home. Moreover, both the bias and the lack of precision in homeowners¿ estimates are correlated with tenure, but not with socioeconomic characteristics. However, we also show that self-reported home values from short-tenure homeowners can be used to obtain unbiased and precise estimates of the average house value at the census tract level.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2008-18.pdf
File Function: Fisrt version / Primera version, 2008
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2008-18.

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Length: 40 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2008-18
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  1. John Y. Campbell & Joao F. Cocco, 2004. "How do house prices affect consumption? Evidence from micro data," 2004 Meeting Papers 304, Society for Economic Dynamics.
  2. Cesar Martinelli & Susan W Parker, 2007. "Deception and Misreporting in a Social Program," Levine's Bibliography 843644000000000191, UCLA Department of Economics.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, November.
  5. 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.
  6. Jimenez, Emmanuel, 1982. "The Value of Squatter Dwellings in Developing Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 30(4), pages 739-52, July.
  7. E. L. David, 1968. "The Use of Assessed Data to Approximate Sales Values of Recreational Property," Land Economics, University of Wisconsin Press, vol. 44(1), pages 127-129.
  8. Lusardi, Annamaria & Mitchell, Olivia S., 2006. "Baby boomer retirement security: The roles of planning, financial literacy, and Housing wealth," CFS Working Paper Series 2006/20, Center for Financial Studies (CFS).
  9. DiPasquale, Denise & Somerville, C. Tsuriel, 1995. "Do House Price Indices Based on Transacting Units Represent the Entire Stock? Evidence from the American Housing Survey," Journal of Housing Economics, Elsevier, vol. 4(3), pages 195-229, September.
  10. F. Thomas Juster & Joseph P. Lupton & James P. Smith & Frank Stafford, 2006. "The Decline in Household Saving and the Wealth Effect," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 20-27, February.
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