The Accuracy of Owner‐Provided House Values: The 1978–1991 American Housing Survey

Kiel, Katherine A.; Zabel, Jeffrey

doi:10.1111/1540-6229.00774

Cited by 188 publications

(140 citation statements)

References 18 publications

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“…This is the reason why we separately estimated two equations for renters and owners. 17 As Kiel and Zabel (1999) and Freeman (1979) have shown, the use of the owners' valuations will result in accurate estimates of house price indexes and will provide reliable estimates of the implicit prices of housing and neighborhood characteristics.…”

Section: Resultsmentioning

confidence: 99%

Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes

Naoi

Seko

Sumita

2009

Regional Science and Urban Economics

113

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The hedonic pricing approach is used to examine whether homeowners and/or renters alter their subjective assessments of earthquake risks after massive earthquakes. Using nation-wide household panel data coupled with earthquake hazard information and records of observed earthquakes, we find that there are some modifications of individuals' assessments of earthquake risk in both cases. We have carefully taken into consideration the bias stemming from the use of objective risk variables as a proxy for individual risk assessments. Our results suggest that the price discount from locating within a quake-prone area is significantly larger soon after earthquake events than beforehand. We argue that the most likely interpretation for this result is that households tend to underestimate earthquake risk if there has not been a recent occurrence. AbstractThe hedonic pricing approach is used to examine whether homeowners and/or renters alter their subjective assessments of earthquake risks after massive earthquakes. Using nation-wide household panel data coupled with earthquake hazard information and records of observed earthquakes, we find that there are some modifications of individuals' assessments of earthquake risk in both cases. We have carefully taken into consideration the bias stemming from the use of objective risk variables as a proxy for individual risk assessments. Our results suggest that the price discount from locating within a quake-prone area is significantly larger soon after earthquake events than beforehand. We argue that the most likely interpretation for this result is that households tend to underestimate earthquake risk if there has not been a recent occurrence.JEL classification: R20, C23.

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Section: Resultsmentioning

confidence: 99%

Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes

Naoi

Seko

Sumita

2009

Regional Science and Urban Economics

113

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“…The RLMS variable for the price of housing is (natural log of) owner reported, market house value. 5 Values reported by owners are reliable in the U.S., except for a tendency of owners who have recently purchased their houses to report values slightly higher than other evidence indicates their houses are worth; see Kiel and Zabel (1999). We assume the same to be the case in Russia.…”

Section: Russian Markets Amenities and Datamentioning

confidence: 92%

Compensating differentials in emerging labor and housing markets: Estimates of quality of life in Russian cities

Berger

Blomquist

Peter

2008

Journal of Urban Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent, nonprofit limited liability company (Gesellschaft mit beschränkter Haftung) supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its research networks, research support, and visitors and doctoral programs. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. The current research program deals with (1) mobility and flexibility of labor, (2) internationalization of labor markets, (3) welfare state and labor market, (4) labor markets in transition countries, (5) the future of labor, (6) evaluation of labor market policies and projects and (7) The existence of compensating differentials in Russian labor and housing markets is examined using data from the Russian Longitudinal Monitoring Survey (RLMS) augmented by city and regional-specific characteristics from other sources. While Russia is undergoing transition to a market economy, we find ample evidence that compensating differentials for location-specific amenities exist in the labor and housing markets. Our estimated wage and housing value equations suggest that workers are compensated for differences in climate, environmental conditions, ethnic conflicts, crime rates, and health conditions, after controlling for worker characteristics, occupation, industry, and economic conditions, and various housing characteristics. Moreover, we find evidence that these compensating differentials exist even after controlling for the regional pay differences ("regional coefficients") used by the Russian government to compensate workers for living in regions that are designated as less desirable. We rank 953 Russian cities by quality of life as measured by a group of eleven amenities. Sizable variation in the estimated quality of life across cities exists. The highest ranked cities tend to be in relatively warm areas and areas in the western, European part of the country. In addition, our quality of life index is positively correlated with net migration into a region, suggesting workers are attracted to amenity-rich locations. Overall, we find that sufficient market equi...

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“…Thus (r V) -(i M), by definition yields smaller estimates for IR (see Frick & Grabka, 2003 for an illustration using PSID data). 9 Kiel and Zabel (1999) report that self-reported estimates by homeowners in the US overestimate actual house prices by approximately 5 percent. While recent buyers report house values 8.4 percent higher than the stated sales prices, duration of occupancy significantly reduces owners' estimates.…”

Section: The "User Cost Method" or "Capital Market" Approachmentioning

confidence: 99%

Distributional effects of imputed rents in five European countries

Frick

Grabka

Smeeding

et al. 2010

Journal of Housing Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Most empirical distributional studies of well-being in developed countries rely on distributions of disposable income. From a theoretical point of view this practice is contentious since a household's command over resources is determined not only by its spending power over commodities it can buy in the market but also on resources available to the household members through non-market mechanisms such as the in-kind provisions of the welfare state and the value of private non-cash incomes. In developed market economies the most important private non-cash income component is imputed rent from owneroccupied or subsidized accommodation. Employing a wider definition of imputed rent that also allows the analyst to capture income advantages among tenants living in rentsubsidized accommodations of various sorts (including rent-free or reduced-rent households), the present paper examines the differential effects of including imputed rents in the concept of resources in five European countries (Belgium, Germany, Greece, Italy and the UK). The results suggest that in almost all cases, the inclusion of imputed rents in the concept of resources leads to a decline in measured levels of inequality and poverty. The main beneficiaries are outright homeowners and households living in rent-free (or heavily subsidised) accommodation -most often older persons. The inclusion of imputed rents in the concept of resources does not lead to substantial changes in the ranking of the countries according to their level of inequality, despite widespread differences in the rates of home ownership and subsidization across the countries studied here. Terms of use: Documents in2

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The Accuracy of Owner‐Provided House Values: The 1978–1991 American Housing Survey

Cited by 188 publications

References 18 publications

Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes

Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes

Compensating differentials in emerging labor and housing markets: Estimates of quality of life in Russian cities

Distributional effects of imputed rents in five European countries

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