Econometric Modeling and Estimation of Theoretically Consistent Housing Price Indexes
Recent developments in the economic theory behind hedonic price models and price index numbers have shown that the preferred combination is one where hedonic imputed price indexes (HI) are computed using predictions from time varying hedonic functions. This paper proposes a spatial time series model as the econometric model consistent with the theoretical developments. In addition, the paper deals with issues relating to HI index numbers including weighting systems, seasonality in housing sales data, and the construction of annual and monthly chained indexes.
|Date of creation:||Jul 2013|
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- Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications, The World Bank, number 17280.
- Silver, Mick, 1999. "An Evaluation of the Use of Hedonic Regressions for Basic Components of Consumer Price Indices," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(1), pages 41-56, March.
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- Eugene Kouassi & Joel Sango & J. M. Bosson Brou & Francis N. Teubissi & Kern O. Kymn, 2011. "Prediction from the regression model with two‐way error components," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 30(6), pages 541-564, September.
- G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
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