Combining micro and macro data in hedonic price indexes

Ramalho, Esmeralda A.; Ramalho, Joaquim J.S.; Evangelista, Rui

doi:10.1007/s10260-016-0367-6

Cited by 1 publication

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“…Portugal (INE, 2017a;2017b). A subset of the latter data was used in Ramalho et al (2017) in an empirical exercise involving the construction of hedonic price indexes with aggregate information, for which however the EPC rating was not available as a price determinant. The data reveals clear differences amongst the different dwelling types.…”

Section: Data and Descriptive Analysismentioning

confidence: 99%

On the use of hedonic regression models to measure the effect of energy efficiency on residential property transaction prices: Evidence for Portugal and selected data issues

2020

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Using a unique dataset containing information of around 256 thousand residential property sales, this paper discloses a clear sales premium for most energy efficient dwellings, which is more pronounced for apartments (13%) than for houses (5 to 6%). Crosscountry comparisons support the finding that energy efficiency price premiums are higher in the Portuguese residential market than in central and northern European markets. Results emphasize the relevance of data issues in hedonic regression models. They illustrate how the use of appraisal prices, explanatory variables with measurement errors, and the omission of variables associated with the quality of the properties, may seriously bias energy efficiency partial effect estimates. These findings provide valuable information not only to policy-makers, but also to researchers interested in this area.

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Section: Data and Descriptive Analysismentioning

confidence: 99%