Keywords
sample-selection bias, hedonic price indices, commercial of®ce property
Abstract
Real estate price indices based solely on samples of sold properties may not accurately represent the population of properties due to potential sample-selection bias. This study addresses this potential for sample-selection bias in the construction of commercial price indices within the context of the Phoenix area of®ce market. The empirical analysis con®rms the presence of sample-selection bias in the estimation of the total price equation. However, within this sample, the price indices generated after correcting for sample-selection bias do not appear signi®cantly different from those that do not consider selectivity bias.
Original Publication Citation
Munneke, H. and B. Slade, 2000, An Empirical Study of Sample Selection Bias in Indices of Commercial Real Estate, Journal of Real Estate Finance and Economics, 21:1, pp. 45 – 64.
BYU ScholarsArchive Citation
Munneke, Henry J. and Slade, Barrett A., "An Empirical Study of Sample-Selection Bias in Indices of Commercial Real Estate" (2000). Faculty Publications. 8923.
https://scholarsarchive.byu.edu/facpub/8923
Document Type
Peer-Reviewed Article
Publication Date
2000
Publisher
Journal of Real Estate Finance and Economics
Language
English
College
Marriott School of Business
Department
Finance
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