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作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.70,P.57-71

语言

英文

关键字

MATCHING ESTIMATOR

作者单位

[Lopez, Esteban] Univ Adolfo Ibanez, Business Sch, CEPR, Ave Padre Hurtado 750, Vina Del Mar, Chile. [Lopez, Esteban; Hewings, Geoffrey J. D.] Univ Illinois, REAL, 607 S Mathews Ave, Urbana, IL 61801 USA. Lopez, E (reprint author), Univ Adolfo Ibanez, Business Sch, CEPR, Ave Padre Hurtado 750, Vina Del Mar, Chile.; Lopez, E (reprint author), Univ Illinois, REAL, 607 S Mathews Ave, Urbana, IL 61801 USA. E-Mail: esteban.lopez@uai.cl

摘要

Median-based Housing Price Indices (HPIs) generate potentially misleading indicators especially when applied to Small Spatial Units (SSUs) such as small Metropolitan Statistical Areas (MSAs) or neighborhoods within larger metropolitan regions. Given the small total number of sales in SSUs and the even smaller number of repeat sales, traditional alternatives are few. A matching-based Fisher HPI is proposed as an alternative that provides more accurate estimations for SS-Us given that it both controls for housing characteristics and is not restricted just to repeated sales. This paper makes use of housing sales data from the state of Illinois, as an example of the application of the methodology to small MSAs and at the neighborhood level within larger MSAs. The results highlight some of the biases that have arisen from the use of median price indicators.