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Hedonic price indices for the Paris housing market
被引：8
作者：
Raimond Maurer
Martin Pitzer
Steffen Sebastian*
机构：
[1] Portfolio
Management und Alterssicherung
Goethe-Universität,Lehrstuhl für Investment
[2] European Equities Peterborough
Court,Goldman Sachs International
来源：
Allgemeines Statistisches Archiv
|
2004年
/
88卷
/
3期
关键词：
Real estate investments;
hedonic;
index construction;
Box–Cox transformation;
diversification;
C43;
C51;
O18;
R20;
D O I：
10.1007/s101820400173
中图分类号：
学科分类号：
摘要：
In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions of the housing market in 1990:01–1999:12, which is one of the largest samples ever used in comparable studies. Low correlations of the price index with stock and bond indices (first differences) indicate diversification benefits from the inclusion of real estate in a mixed asset portfolio.
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页码：303 /
326
页数：23
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