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Article: Disentanglement of age, time, and vintage effects on housing price by forward contracts
Title | Disentanglement of age, time, and vintage effects on housing price by forward contracts |
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Authors | |
Issue Date | 2009 |
Publisher | American Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htm |
Citation | Journal Of Real Estate Literature, 2009, v. 17 n. 2, p. 273-291 How to Cite? |
Abstract | Age, time, and vintage effects are exact collinear, so their effects cannot be disentangled in regression analyses. Suggestions have been put forward to deal with this problem, but in vain. Since the problem of exact collinearity requires external information to solve, any manipulation of the existing data is doomed to fail. This paper circumvents the problem fundamentally by exploiting housing forward contracts, which can estimate vintage effects in housing by using a priori information in pre-occupation sales (i.e., forward contracts). An empirical illustration of a housing estate in Hong Kong is provided. |
Persistent Identifier | http://hdl.handle.net/10722/81946 |
ISSN | 2023 SCImago Journal Rankings: 0.185 |
References |
DC Field | Value | Language |
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dc.contributor.author | Yiu, CY | en_HK |
dc.date.accessioned | 2010-09-06T08:23:44Z | - |
dc.date.available | 2010-09-06T08:23:44Z | - |
dc.date.issued | 2009 | en_HK |
dc.identifier.citation | Journal Of Real Estate Literature, 2009, v. 17 n. 2, p. 273-291 | en_HK |
dc.identifier.issn | 0927-7544 | en_HK |
dc.identifier.uri | http://hdl.handle.net/10722/81946 | - |
dc.description.abstract | Age, time, and vintage effects are exact collinear, so their effects cannot be disentangled in regression analyses. Suggestions have been put forward to deal with this problem, but in vain. Since the problem of exact collinearity requires external information to solve, any manipulation of the existing data is doomed to fail. This paper circumvents the problem fundamentally by exploiting housing forward contracts, which can estimate vintage effects in housing by using a priori information in pre-occupation sales (i.e., forward contracts). An empirical illustration of a housing estate in Hong Kong is provided. | en_HK |
dc.language | eng | en_HK |
dc.publisher | American Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htm | en_HK |
dc.relation.ispartof | Journal of Real Estate Literature | en_HK |
dc.title | Disentanglement of age, time, and vintage effects on housing price by forward contracts | en_HK |
dc.type | Article | en_HK |
dc.identifier.openurl | http://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0927-7544&volume=17&issue=2&spage=273&epage=291&date=2009&atitle=Disentanglement+of+Age,+Time+and+Vintage+Effects+on+Housing+Price+by+Forward+Contracts | en_HK |
dc.identifier.email | Yiu, CY: ecyyiu@hkucc.hku.hk | en_HK |
dc.identifier.authority | Yiu, CY=rp01035 | en_HK |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.scopus | eid_2-s2.0-70350686104 | en_HK |
dc.identifier.hkuros | 159292 | en_HK |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-70350686104&selection=ref&src=s&origin=recordpage | en_HK |
dc.identifier.volume | 17 | en_HK |
dc.identifier.issue | 2 | en_HK |
dc.identifier.spage | 273 | en_HK |
dc.identifier.epage | 291 | en_HK |
dc.publisher.place | United States | en_HK |
dc.identifier.scopusauthorid | Yiu, CY=9248825800 | en_HK |
dc.identifier.issnl | 0927-7544 | - |