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Business and Economics > Investments: Metals

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  • Type: Journal Issue x
  • Housing; Prices x
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Cover IMF Working Papers
How to Better Measure Hedonic Residential Property Price Indexes
Mick Silver
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
Keywords:
WP; price index; Hedonic Regressions; Residential Property Price Index; Commercial Property Price Index; House Price Index; Superlative Index Number; Thin Property Markets; price change; reference period; hedonic regression; arithmetic mean; index number; Price indexes; Land prices; Inflation; Consumer price indexes; Silver; Global