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Article: Disentanglement of age, time, and vintage effects on housing price by forward contracts

TitleDisentanglement of age, time, and vintage effects on housing price by forward contracts
Authors
Yiu, CY
Issue Date2009
PublisherAmerican 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?
AbstractAge, 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 Identifierhttp://hdl.handle.net/10722/81946
ISSN
0927-7544
2023 SCImago Journal Rankings: 0.185
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorYiu, CYen_HK
dc.date.accessioned2010-09-06T08:23:44Z-
dc.date.available2010-09-06T08:23:44Z-
dc.date.issued2009en_HK
dc.identifier.citationJournal Of Real Estate Literature, 2009, v. 17 n. 2, p. 273-291en_HK
dc.identifier.issn0927-7544en_HK
dc.identifier.urihttp://hdl.handle.net/10722/81946-
dc.description.abstractAge, 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.languageengen_HK
dc.publisherAmerican Real Estate Society. The Journal's web site is located at http://cbeweb-1.fullerton.edu/finance/jrel/about/default.htmen_HK
dc.relation.ispartofJournal of Real Estate Literatureen_HK
dc.titleDisentanglement of age, time, and vintage effects on housing price by forward contractsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://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+Contractsen_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-70350686104en_HK
dc.identifier.hkuros159292en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70350686104&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume17en_HK
dc.identifier.issue2en_HK
dc.identifier.spage273en_HK
dc.identifier.epage291en_HK
dc.publisher.placeUnited Statesen_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.issnl0927-7544-

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