Show simple item record

2008-01-31Buch DOI: 10.18452/4105
House Prices and Replacement Cost
dc.contributor.authorSchulz, Rainer
dc.contributor.authorWerwatz, Axel
dc.date.accessioned2017-06-15T23:38:09Z
dc.date.available2017-06-15T23:38:09Z
dc.date.created2008-02-08
dc.date.issued2008-01-31
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4757
dc.description.abstractAccording to housing investment models, house prices and replacement cost should have an equilibrating relationship. Previous empirical work mainly based on aggregate-level data has found only little evidence of such a relationship. By using a unique data set, covering transactions of single-family houses over a 25 years period, we establish strong support for the relationship at the micro level. In the time series context, we find that new house prices and replacement cost align quickly after a shock. In the cross-sectional context, we find prices of old houses and replacement cost are closely related once building depreciation has been taken into account. As to be expected from these results, replacement cost information also proves to be useful for the prediction of future house prices.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectTobin's Qeng
dc.subjectbuilding depreciationeng
dc.subjectprediction accuracyeng
dc.subject.ddc330 Wirtschaft
dc.titleHouse Prices and Replacement Cost
dc.typebook
dc.subtitleA Micro-Level Analysis
dc.identifier.urnurn:nbn:de:kobv:11-10085121
dc.identifier.doihttp://dx.doi.org/10.18452/4105
local.edoc.container-titleSonderforschungsbereich 649: Ökonomisches Risiko
local.edoc.pages45
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2008
local.edoc.container-issue13
local.edoc.container-year2008
local.edoc.container-erstkatid2195055-6

Show simple item record