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Aggregation Bias in Repeat-Sales Indices |
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| Authors: | Dombrow Jonathan Knight J R Sirmans C F |
| Institution: | (1) School of Business Administration, Center for Real Estate and Urban Economic Studies, University of Connecticut, 368 Fairfield Road, U-41RE, Storrs, CT, 06269-2041;(2) Eberhardt School of Business, University of the Pacific, 3601 Pacific Avenue, Stockton, CA, 95211;(3) School of Business Administration, Center for Real Estate and Urban Economic Studies, University of Connecticut, 368 Fairfield Road, U-41RE, Storrs, CT, 06269-2041 |
| Abstract: | The repeat-sales methodology has become a standard approach for estimating real estate price indices. This article examines the underlying assumptions inherent in the repeat sales model and provides an empirical test for both included and omitted variables as sources of aggregation bias. The results indicate that virtually all price indices may be biased, the degree of bias being dependent upon the number of variables examined and the instability of their parameters over time. |
| Keywords: | price index housing aggregation bias varying parameters repeat sales |
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