Depreciation, Maintenance, and Housing Prices
Depreciation, Maintenance, and Housing Prices
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折旧、维护和房价
DOI：
10.1006/jhec.1996.0019
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发表时间：
1996
期刊：
影响因子：
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通讯作者：
C. Sirmans
中科院分区：
文献类型：
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作者：
John R. Knight;C. Sirmans
摘要本文研究了房主维修和改进对住房折旧率和房价指数的影响。我们研究了三个规格的享乐房价模型：一个包括一个变量的年龄，作为代理折旧，和年龄维护交互变量;一个考虑折旧，但忽略维护;和一个忽略折旧和维护。上市代理人对物业状况的评论是我们对房屋维护水平的代表。在我们的样本中，我们发现，维护不善的房屋贬值速度比维护一般的房屋快得多，而维护良好的房屋贬值速度较慢。从变量说明中省略维护对用我们的数据构建的享乐房价指数影响不大，但不考虑居住年龄会给指数带来显著且不断增长的向下偏差。Monte Carlo模拟调查各种数据规格支持我们的实证研究结果。
Abstract This paper investigates the effect of homeowner maintenance and improvements on the depreciation rate for housing and on house price indexes. We examine three specifications of a hedonic house price model: one that includes a variable for age, as a proxy for depreciation, and an age–maintenance interaction variable; one that considers depreciation but ignores maintenance; and one that ignores both depreciation and maintenance. The remarks of the listing agent as to the property's condition is our proxy for the level of maintenance characterizing the home. In our sample, we find that poorly maintained homes depreciate at a much faster rate than do homes with average maintenance, and that well-maintained homes depreciate somewhat more slowly. Omitting maintenance from the variable specification has little impact on hedonic house price indexes constructed with our data, but failing to consider dwelling age imparts a significant and growing downward bias to the indexes. Monte Carlo simulations investigating various data specifications support our empirical findings.