A Further Examination of Appraisal Data and the Potential Bias in Real Estate Return Indexes: Comment and Clarification
指出Gau和Wang在评估收益偏差实证分析中的缺陷，并澄清Geltner先前文章中可能误导他人的观点，强调区分横截面与时间序列矩的重要性，以及算术与几何均值在修正评估偏差中的互补作用。
This comment points out a flaw in Gau and Wang's recent empirical analysis of appraisal return bias and clarifies a point in Geltner's previous article that may have misled Gau and Wang as well as others. In examining appraisal bias in returns it is important to distinguish between cross‐sectional versus time‐series moments. In dealing with time‐series data, both the arithmetic mean and the geometric mean returns offer useful information and can complement each other in correcting for appraisal bias in the first moment of returns series.