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Hedonic Models and House Price Index Numbers

Author

Listed:
  • Robert J. Hill

    (Department of Economics, University of Graz, 8010 Graz, Austria)

  • Alicia N. Rambaldi

    (School of Economics, University of Queensland, Brisbane, Qld 4072, Australia)

Abstract

We survey some recent developments in the literature on hedonic price indices for housing. The main classes of hedonic methods are presented along with some new methods that have become popular recently. A number of new approaches are then considered for controlling for location in hedonic models. Next we consider how hedonic models can be used to construct separate price indices for land and structures. Significant progress has been made recently in this field. The survey concludes with a discussion of ways of computing higher frequency (e.g., weekly) hedonic price indices, and ways of deriving house price indices for the whole housing stock, as opposed to just those properties that have traded recently.

Suggested Citation

  • Robert J. Hill & Alicia N. Rambaldi, 2021. "Hedonic Models and House Price Index Numbers," CEPA Working Papers Series WP152021, School of Economics, University of Queensland, Australia.
  • Handle: RePEc:qld:uqcepa:169
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    File URL: https://economics.uq.edu.au/files/33032/Wp152021.pdf
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    More about this item

    Keywords

    Adoption of hedonic indices; Controlling for location; Land and structure indices; Higher frequency indices;
    All these keywords.

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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