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Econometric Modeling and Estimation of Theoretically Consistent Housing Price Indexes

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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.

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  • Alicia N. Rambaldi & D.S. Prasada Rao, 2013. "Econometric Modeling and Estimation of Theoretically Consistent Housing Price Indexes," CEPA Working Papers Series WP042013, School of Economics, University of Queensland, Australia.
  • Handle: RePEc:qld:uqcepa:87
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    File URL: https://economics.uq.edu.au/files/5157/WP042013.pdf
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    1. Göran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
    2. Robert J. Hill & Daniel Melser, 2008. "Hedonic Imputation And The Price Index Problem: An Application To Housing," Economic Inquiry, Western Economic Association International, vol. 46(4), pages 593-609, October.
    3. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications, The World Bank, number 17280, June.
    4. 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.
    5. 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.
    6. J. Barkley Rosser, 2009. "Introduction," Chapters,in: Handbook of Research on Complexity, chapter 1 Edward Elgar Publishing.
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