caa a22 4500 477129935 CHVBK 20180405111702.0 cr unu---uuuuu 170330e19970101xx s 000 0 eng 10.1023/A:1007724103085 doi (NATIONALLICENCE)springer-10.1023/A:1007724103085 Kuo Chiong-Long Price Waterhouse LCC, 1616 North Fort Myer Drive, 22209-3100, Arlington, VA aut A Bayesian Approach to the Construction and Comparison of Alternative House Price Indices [Elektronische Daten] [Chiong-Long Kuo] Several repeat-sales models have been advanced over the years for estimating real estate price indices. This article proposes a general model which incorporates earlier works as special cases and compares the alternative repeat-sales models using posterior odds ratios as criteria. While the existing literature estimates the real estate indices from the sampling point of view, in this article indices are constructed and then compared using a Bayesian approach. In general, the two-error term models outperform the one-error models. The model with a nontemporal component proposed by Goetzmann and Spiegel is found to be superior in three out of four cities. There is a significant discrepancy among the returns and indices obtained from different models. Kluwer Academic Publishers, 1997 Bayesian approach nationallicence house price indices nationallicence The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 14/1-2(1997-01-01), 113-132 0895-5638 14:1-2<113 1997 14 11146 https://doi.org/10.1023/A:1007724103085 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007724103085 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Kuo Chiong-Long Price Waterhouse LCC, 1616 North Fort Myer Drive, 22209-3100, Arlington, VA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 14/1-2(1997-01-01), 113-132 0895-5638 14:1-2<113 1997 14 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer