TY  - JOUR
A1  - Maurer, Raimond
A1  - Pitzer, Martin
A1  - Sebastian, Steffen
T1  - Hedonic price indices for the Paris housing market
T2  - Allgemeines Statistisches Archiv
N2  - In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions of the housing market in 1990:01–1999:12, which is one of the largest samples ever used in comparable studies. Low correlations of the price index with stock and bond indices (first differences) indicate diversification benefits from the inclusion of real estate in a mixed asset portfolio. JEL C43, C51, O18, R20.
KW  - real estate investments
KW  - hedonic
KW  - index construction
KW  - box-cox transformation
KW  - diversification
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3702
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-17877
SN  - 0002-6018
VL  - 88
SP  - 303
EP  - 326
ER  -