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An Empirical Study of Sample-Selection Bias in Indices of Commercial Real Estate

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  • Munneke, Henry J
  • Slade, Barrett A

Abstract

Real estate price indices based solely on samples of sold properties may not accurately represent the population of properties due to potential sample-selection bias. This study addresses this potential for sample-selection bias in the construction of commercial price indices within the context of the Phoenix area office market. The empirical analysis confirms the presence of sample-selection bias in the estimation of the total price equation. However, within this sample, the price indices generated after correcting for sample-selection bias do not appear significantly different from those that do not consider selectivity bias. Copyright 2000 by Kluwer Academic Publishers

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  • Munneke, Henry J & Slade, Barrett A, 2000. "An Empirical Study of Sample-Selection Bias in Indices of Commercial Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 21(1), pages 45-64, July.
    • Handle: RePEc:kap:jrefec:v:21:y:2000:i:1:p:45-64
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