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Description
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Surveys regularly ask home-owners to guess what their property might be worth in the current housing market. We develop suitable statistical techniques to construct hedonic and repeat-sales style house price indices from these owner-estimated values (OEVs). The resulting series are then linked to a large set of quality-adjusted residential property price indices estimated from transaction data allowing us to perform a variety of convergent validity tests. Based on results for 20 countries, several decades and different OEV elicitation techniques, we conclude that the “wisdom of the home-owner crowd” is sufficient to study objective house price dynamics. Yet, surveys fail to accurately measure house price levels. (2023-04-22)
***This entry has been automatically imported via OpenAlex by LIST harvest scripts. Please refer to https://doi.org/10.1007/s11146-023-09949-w for the original and latest version of the publication*** (2026-07-01)
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Keyword
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Database transaction, Price index, Hedonic index, Transaction data, Quality (philosophy), Ask price, Convergent validity, Econometrics, House price, Set (abstract data type), Measure (data warehouse), Economics, Construct (python library), Variety (cybernetics), Marketing, Property (philosophy), Residential property, Grocery shopping, Actuarial science, Computer science, Business, Data mining, Finance, Database, Artificial intelligence |