How to Better Measure Hedonic Residential Property Price Indexes /

Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is w...

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Détails bibliographiques
Auteur principal: Silver, Mick
Format: Revue
Langue:English
Publié: Washington, D.C. : International Monetary Fund, 2016.
Collection:IMF Working Papers; Working Paper ; No. 2016/213
Accès en ligne:Full text available on IMF
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520 3 |a Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues. 
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