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Residential property price index in Croatia: from experimental to official statistics

Abstract

The official statistics framework is based on internationally agreed standards, taking into account the core principles of impartiality, objectivity, professional independence, cost effectiveness, statistical confidentiality, minimisation of the reporting burden and high output quality. Since the latest 2007 global economic crisis, a growing demand for more, better and timelier data under limited resources for compilers and reporting agents has been observed. The concept of experimental statistics becomes more relevant, despite the lower quality in terms of coverage, data sources and harmonised definitions. The main aim of this paper is to present the methodological development of the residential property price index in Croatia from experimental to official statistics, as well as to show corresponding changes in time, which occurred due to the changes in methodological framework, institutional responsibility for compilation, coverage and data sources. A general conclusion of the paper is that publication of non-harmonized experimental statistics results, together with explanatory metadata, is better from the point of view of users than having nothing produced by official statistics.

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The FEWS Index: Fixed Effects with a Window Splice

Abstract

This article describes the estimation of quality-adjusted price indexes from ‘big data’ such as scanner and online data when there is no available information on product characteristics for explicit quality adjustment using hedonic regression. The longitudinal information can be exploited to implicitly quality-adjust the price indexes. The fixed-effects (or ‘time-product dummy’) index is shown to be equivalent to a fully interacted time-dummy hedonic index based on all price-determining characteristics of the products, despite those characteristics not being observed. In production, this can be combined with a modified approach to splicing that incorporates the price movement across the full estimation window to reflect new products with one period’s lag without requiring revision. Empirical results for this fixed-effects window-splice (FEWS) index are presented for different data sources: three years of New Zealand consumer electronics scanner data from market-research company GfK; six years of United States supermarket scanner data from market-research company IRI; and 15 months of New Zealand consumer electronics daily online data from MIT’s Billion Prices Project.

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The Assessment of a Building’s insurable Value using Multivariate Statistics: The Case of the Czech Republic

, Overconfidence and asymmetric information: The case of insurance , Journal of economic behavior & organization, vol. 93, pp. 149-165. S eber G. A. F., L ee A. J., 2003, Linear regression analysis , John Wiley and Sons, Hoboken, NJ. S edlacik M., O dehnal J., F oltin , P., 2015, Classification of Terrorism Risk by Multidimensional Statistical Methods, AIP Conference Proceedings 1648 720011. S elim H., 2009, Determinants of house prices in Turkey: Hedonic regression versus artificial neural network , Expert systems with Applications, vol. 36, no. 2, pp

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The Influence Of Financing On The Dynamics Of Housing Prices

trading. Physical Review E , 78, 036108. Radzewicz, A., Renigier-Biłozor, M. & Wisniewski, R. (2011). From uncertainty to the efficiency of the real estate market . The European Real Estate Society Conference, www.eres.org . Selim, H. (2009). Determinants of House Prices in Turkey: Hedonic regression versus artificial neural network. Expert Systems with Applications , 36, 2843–2852. Sinha, S., Chatterjee, A., Chakraborti, A. & Chakrabarti, B.K. (2010). Econophysics: An Introduction , Wiley-VCH. Wodniak, W. (2008). Udział polskich banków

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An Attempt To Exemplify The Economic Principles In Real Property Valuation

5. References A Real Estate Guide , chapter 15 , Appraisal and Valuation, California Department of Real Estate Valuation, , www.ref15.pdf.dre.ca.gov [16.02.15] A ndersson H., J onsson L., Ö gren M., 2010, Property Prices and Exposure to Multiple Noise Sources: Hedonic Regression with Road and Railway Noise , Environmental Resource Economic Springer Science, 45, pp. 73-89. B egg D., F ischer S., D ornbusch R., 1993, Ekonomia , Państwowe Wydawnictwo Ekonomiczne, Warszawa, Volume 1. B laug M., 1994, Teoria ekonomii. Ujęcie

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Research on Factors Affecting Real Estate Values by Data Mining

Dergisi, 2007(1), 159-173. Samar Ali, S., Kaur, R., Ersöz, F. et al. (2018). Journal of Remanufacturing. https://doi.org/10.1007/s13243-018-0053-y Selim, S. (2008). Determinant of House Price in Turkey: A Hedonic Regression Model, Doğuş Üniversitesi Dergisi, 9(1), 65-76. Silahtaroğlu, G. (2013). Veri Madenciliği: Kavram ve Algoritmaları. İstanbul: Papatya Yayıncılık Eğitim. Toktaş, M., & Erdoğan, S. (2012). Generating GIS Aided Value Maps for Public Properties Real Estate: Afyankarahisar Example. Electronic

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Accounting for Spatial Variation of Land Prices in Hedonic Imputation House Price Indices: a Semi-Parametric Approach

Structures Components: A Hedonic Regression Approach.” The Valuation Journal 6: 58–105. Diewert, W.E., J. de Haan, and R. Hendriks. 2015. “Hedonic Regressions and the Decomposition of a House Price Index into Land and Structure Components.” Econometric Reviews 34: 106–126. DOI: http://dx.doi.org/10.1080/07474938.2014.944791 . Diewert, W.E., S. Heravi, and M. Silver. 2009. “Hedonic Imputation Versus Time Dummy Hedonic Indexes.” In Price Index Concepts and Measurement , edited by W.E. Diewert, J.S. Greenlees, and C.R. Hulten, 161–196. Chicago: University of

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The Impact of Wind Farms on the Prices of Nearby Houses in Poland: A Review and Synthesis

Paper 159 (April 2014). Global Wind Report, Annual Market Update 2014, retrieved from: www.gwec.net. Heintzelman M.D., Tuttle C., 2011, Values in the Wind: A Hedonic Analysis of Wind Power Facilities. Land Economics, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1803601 Hinman J.L., 2010, Wind Farm Proximity and property values: A pooled Hedonic Regression Analysis of Property Values in Central Illinois, Thesis, Illinois State University, May 2010, pp. 1-143. Hoen B., Wiser R., Cappers P

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COMPARATIVE ANALYSIS OF HEDONIC AND FILTERED INDEXES IN SELECTED CITIES

. TROJANEK R, 2009, Porównanie metody średniej oraz średniej ważonej konstruowania indeksów cen nieruchomości mieszkaniowych (Comparing Average and Weighted Average Methods of Constructing Real Estate Prices Indices), Studia i Materiały Towarzystwa Naukowego Nieruchomości (Journal of the Polish Real Estate Scientific Society), Vol.17, No. 2. TROJANEK R, 2010, Porównanie metod prostych oraz metody regresji hedonicznej do konstruowania indeksów cen mieszkań (Comparing Simple Methods and Methods of Hedonic Regression for Constructing Housing Price Indices

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Prices of works of art by living and deceased artists auctioned in Poland from 1989 to 2012

analysis of art price formation. Economic Inquiry , 49 (3), 697-715. Retrieved from https://doi.org/10.1111/j.1465-7295.2009.00279.x Witkowska, D. (2014). An application of hedonic regression to evaluate prices of Polish paintings. International Advances in Economic Research , 20 (3), 281-293. Retrieved from https://doi.org/10.1007/s11294-014-9468-x

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