发帖
雷达卡
Estimating House Price Indexes in the Presence of Seller Reservation Prices
William Goetzmann
The Review of Economics and Statistics, 2006, vol. 88, issue 1, pages 100-112
Abstract：We analyze a bias in transaction-based price indexes due to the presence of seller reservation prices. We develop a model in which the ratio of sellers' reservation prices to the market value affects trading volume and biases of observed transaction prices: when trading volume decreases (increases), index returns are estimated with an upward (downward) bias. We propose a new econometric procedure to mitigate the bias, and use simulations to demonstrate the effectiveness of the procedure. We construct a reserve-conditional unbiased index for the Los Angeles housing market, which substantially differs from a traditional repeat sale index.
下载链接：
http://econpapers.repec.org/article/tprrestat/v_3a88_3ay_3a2006_3ai_3a1_3ap_3a100-112.htm
京公网安备 11010802022788号
