Joo urnal f Real Estate Finance and Economics, 14: 133–154 (1997) Q1997 Kluwer Academic Publishers Shoo rt H lds, the Distributionsof First and Second Sales, and Bias in the Repeat-Sales Price Index MARION STEELE Department of Economics, University of Guelph and Centre for Urban and Community Studies, University of Toronto RICHARD GOY Department of Consumer Studies, University of Guelph Key Words: hoo use price, price index, repeat sales, pportune buyer 1. Introduction The last twoo decades have seen vast swings in h use prices which have distorted the distri- butioo n f wealth and have created major problems for lenders. These swings make it impor- tant too have god, simple price indices for analysis, andover the last decade researchers have used Bailey, Muth, and Noo urse’s (1963) repeat-sales meth d to ﬁll this need. The repeat- sales methoo d is a generalizati nof theold chain index, using as its basic building block the fact that, when the same asset sells twice, the change in its price is a quality-adjusted price change, and a sampleoo f such price changes can be used t yield a quality-adjusted price index. Case and Shiller reintroo duced the repeat-sales meth d to the literature,
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 30, 2004
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