Estimating House Price Indexes in the Presence of Seller Reservation Prices
分析了基于交易的房价指数因卖方保留价而产生的偏差，提出一种新的计量方法来减轻偏差，并构建了洛杉矶住房市场的保留价条件无偏指数，该指数与传统重复销售指数显著不同。
We analyze a bias in transaction-based price indexes due to the presence of seller reservation prices. We develop a model in which the ratio of sellers' reservation prices to the market value affects trading volume and biases of observed transaction prices: when trading volume decreases (increases), index returns are estimated with an upward (downward) bias. We propose a new econometric procedure to mitigate the bias, and use simulations to demonstrate the effectiveness of the procedure. We construct a reserve-conditional unbiased index for the Los Angeles housing market, which substantially differs from a traditional repeat sale index.