{"title":"住宅价格指数的选择偏差:特征重复销售方法*","authors":"Daniel Melser","doi":"10.1111/obes.12534","DOIUrl":null,"url":null,"abstract":"<p>The widely used repeat sales method for constructing house price indexes only uses data for properties that sell twice or more. This makes it susceptible to selection bias as price movements for these properties may not be representative of those for the stock of homes. We outline a novel approach to modelling repeat sales, which allows for a home's characteristics to influence its price movement. This allows us to impute price changes for the stock of homes and control for selection-on-observables. Using data for Florida from 2002 to 2020 we find that selection effects significantly exaggerated the volatility of Florida's housing prices.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12534","citationCount":"2","resultStr":"{\"title\":\"Selection Bias in Housing Price Indexes: The Characteristics Repeat Sales Approach*\",\"authors\":\"Daniel Melser\",\"doi\":\"10.1111/obes.12534\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>The widely used repeat sales method for constructing house price indexes only uses data for properties that sell twice or more. This makes it susceptible to selection bias as price movements for these properties may not be representative of those for the stock of homes. We outline a novel approach to modelling repeat sales, which allows for a home's characteristics to influence its price movement. This allows us to impute price changes for the stock of homes and control for selection-on-observables. Using data for Florida from 2002 to 2020 we find that selection effects significantly exaggerated the volatility of Florida's housing prices.</p>\",\"PeriodicalId\":54654,\"journal\":{\"name\":\"Oxford Bulletin of Economics and Statistics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2022-12-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12534\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Oxford Bulletin of Economics and Statistics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/obes.12534\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Oxford Bulletin of Economics and Statistics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/obes.12534","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Selection Bias in Housing Price Indexes: The Characteristics Repeat Sales Approach*
The widely used repeat sales method for constructing house price indexes only uses data for properties that sell twice or more. This makes it susceptible to selection bias as price movements for these properties may not be representative of those for the stock of homes. We outline a novel approach to modelling repeat sales, which allows for a home's characteristics to influence its price movement. This allows us to impute price changes for the stock of homes and control for selection-on-observables. Using data for Florida from 2002 to 2020 we find that selection effects significantly exaggerated the volatility of Florida's housing prices.
期刊介绍：
Whilst the Oxford Bulletin of Economics and Statistics publishes papers in all areas of applied economics, emphasis is placed on the practical importance, theoretical interest and policy-relevance of their substantive results, as well as on the methodology and technical competence of the research.
Contributions on the topical issues of economic policy and the testing of currently controversial economic theories are encouraged, as well as more empirical research on both developed and developing countries.
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