A house price index defined in the potential outcomes framework

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• dc.contributor.author Longford, Nicholas T.ca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:50:31Z
• dc.date.available 2017-07-26T10:50:31Z
• dc.date.issued 2009-10-01
• dc.date.modified 2017-07-23T02:12:47Z
• dc.description.abstract Current methods for constructing house price indices are based on comparisons of sale prices of residential properties sold two or more times and on regression of the sale prices on the attributes of the properties and of their locations. The two methods have well recognised deficiencies, selection bias and model assumptions, respectively. We introduce a new method based on propensity score matching. The average house prices for two periods are compared by selecting pairs of properties, one sold in each period, that are as similar on a set of available attributes (covariates) as is feasible to arrange. The uncertainty associated with such matching is addressed by multiple imputation, framing the problem as involving missing values. The method is applied to aregister of transactions ofresidential properties in New Zealand and compared with the established alternatives.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1175
• dc.identifier.uri http://hdl.handle.net/10230/5606
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 1175
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword hedonic regression
• dc.subject.keyword house prices
• dc.subject.keyword matching
• dc.subject.keyword potential outcomes
• dc.subject.keyword propensity scoring
• dc.subject.keyword repeat-sales method
• dc.subject.keyword Statistics, Econometrics and Quantitative Methods
• dc.title A house price index defined in the potential outcomes frameworkca
• dc.type info:eu-repo/semantics/workingPaper