A Nonparametric Bounds Approach for Hedonic Housing Price Indexes
Zhizhong Shan
Broschiertes Buch

A Nonparametric Bounds Approach for Hedonic Housing Price Indexes

An Application to the Southern California Market 1996 to 2008

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A nonparametric bounds approach is proposed in the book for hedonic housing price models partially identified due to sample selection of an unknown form. To construct the bounds, a nonparametric hedonic model that allows spatial correlation and estimators of extreme conditional quantiles are proposed. In contrast to conventional indexes, indexes based on the bounds approach do not suffer from sample selection bias. The approach is used to construct both metro and zip code level price indexes from a sample of over one million transactions from 1996 to 2008 in Los Angeles and San Diego metropoli...