The reliability of self-reported home values in a developing country context |
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| Authors: | Marco Gonzalez-Navarro Climent Quintana-Domeque |
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| Institution: | 1. Department of Economics, Fisher Hall, Princeton University, Princeton, NJ 08544, USA;2. Departament de Fonaments de l’Anàlisi Econòmica, Universitat d’Alacant, Sant Vicent del Raspeig, Alacant 03690, Spain;1. School of Economics, Fudan University, No. 600 Guoquan Road, Shanghai 200433, China;2. Department of Applied Economics, Guanghua School of Management, Peking University, Beijing 100871, China;1. Unidad de Neurobiología Aplicada (UNA), Centro de Educación Médica e Investigaciones Clínicas (CEMIC)–Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET), Ciudad Autónoma de Buenos Aires, Argentina;2. Facultad de Psicología, Universidad de Buenos Aires, Ciudad Autónoma de Buenos Aires, Argentina;1. Social Policy Research Centre & Centre for Social Research in Health, The University of New South Wales, Sydney, New South Wales, Australia;2. Department of Economics, Monash Business School, Monash University, Melbourne, Victoria, Australia;3. School of Government, Sun Yat-Sen University, Guangzhou, Guangdong, China;4. Center for Chinese Public Administration Research & School of Government, Sun Yat-sen University, Guangzhou, Guangdong, China |
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| Abstract: | This paper provides an analysis, in the context of a developing country, of the reliability of homeowners’ estimates of the value of their houses, as obtained through a household survey. We show that non-response to the home value question by the owner is uncorrelated with the appraised value of the house and other demographic characteristics of the respondent. We also document that homeowners with long tenure largely overestimate the value of their home. Moreover, both the bias and the lack of precision in homeowners’ estimates are correlated with tenure, but not with socioeconomic characteristics. However, we also show that self-reported home values from short-tenure homeowners can be used to obtain unbiased and precise estimates of the average house value at the census tract level. |
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