Short Holds, the Distributions of First and Second Sales, and Bias in the Repeat-Sales Price Index

Short Holds, the Distributions of First and Second Sales, and Bias in the Repeat-Sales Price Index 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, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Short Holds, the Distributions of First and Second Sales, and Bias in the Repeat-Sales Price Index

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1997 by Kluwer Academic Publishers
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1023/A:1007780219924
Publisher site
See Article on Publisher Site

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