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How to Better Measure Hedonic Residential Property Price Indexes

How to Better Measure Hedonic Residential Property Price Indexes by Mick Silver
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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.
International Monetary Fund; November 2016
89 pages; ISBN 9781475555295
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Title: How to Better Measure Hedonic Residential Property Price Indexes
Author: Mick Silver
 
ISBNs
9781475552249
9781475555295
9781475555332