Aggregation Bias on Residential Property Price Indexes: Hedonic Measurement vs. Repeat Sales Measurement
研究了住宅价格指数编制中因房产非同质性导致的加总偏误，比较了特征价格法和重复销售法等质量调整方法，并利用独特的房产广告数据进行了实证分析。
Property has the particularity of being a non-homogeneous good, and based on this, it is necessary to perform quality adjustment when estimating property price indexes. Various methods of quality adjustment have been proposed and applied, such as the hedonic method often used in price statistics and, due to the fact that the information that can be used in estimation is limited, the repeat sales price method, methods using property appraisal price information, and so forth. However, since there is a lack of theoretical knowledge and data restrictions, it is no exaggeration to say that it is difficult to evaluate their practical application in the present situation. We summarized theoretical background of property price indexes and used a unique dataset that we had compiled from individual listings in a widely circulated real estate advertisement magazine.