1992
DOI: 10.1080/01621459.1992.10475209
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Estimating Price Indices for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods

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Cited by 173 publications
(84 citation statements)
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“…From an econometric perspective, the repeat sales model is mathematically equivalent to the pooled-database hedonic model as it is the differential transformation of the hedonic model, assuming that the coefficients of the attributes are constant, as demonstrated by Clapp and Giacotto (1992). Potentially different results from the two models then come only from the difference in the sample selection of the estimation database, with only properties having sold more than once able to be included in the repeat-sales model's sample.…”
Section: Background and Literature Reviewmentioning
confidence: 99%
“…From an econometric perspective, the repeat sales model is mathematically equivalent to the pooled-database hedonic model as it is the differential transformation of the hedonic model, assuming that the coefficients of the attributes are constant, as demonstrated by Clapp and Giacotto (1992). Potentially different results from the two models then come only from the difference in the sample selection of the estimation database, with only properties having sold more than once able to be included in the repeat-sales model's sample.…”
Section: Background and Literature Reviewmentioning
confidence: 99%
“…They compare and contrast the Assessed Values (AV) to the Repeat Sales (RS), to which presents that in large samples available with AV method, the measurement error issues are minimised. As it is explained, for most people, their residencies are the biggest component of their wealth and any changes in their housing prices have a great influence on their personal investment decisions afterwards which in total may have a significant impact on the development of the economy (Case, 1990 cited by Clapp and Giaccotto, 1992). Moreover, they indicate that there are two methods for price index estimation according to the literature: the hedonic regressions and the repeat sales analysis to which it is described that the first method uses data on a number of characteristics for each property to control the quality.…”
Section: Methodology Hedonic Regression Methodsmentioning
confidence: 99%
“…With hedonic price methods, the valuations of neighbourhood amenities, or the proximity to those amenities, can be estimated. Clapp and Giaccotto, 1992, mention the significance of accurate estimation of price indices on the residential properties for real estate research. They compare and contrast the Assessed Values (AV) to the Repeat Sales (RS), to which presents that in large samples available with AV method, the measurement error issues are minimised.…”
Section: Methodology Hedonic Regression Methodsmentioning
confidence: 99%
“…The model reduces to y it − y is = β t −β s +ε it −ε is . For comparison purposes, the repeat sales model which is used by Clapp and Giaccotto (1992a) does not fit within this framework. Instead of using the time-variant covariance structure α it , they allow for time-invariant covariances Cov(ε is , ε it ) = ρσ 2 for s = t.…”
Section: General Specificationmentioning
confidence: 99%