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The application of hedonic price models in the estimation of effective and imputed rents of housing: A case study on the 2021 housing census data in Portugal
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Orientador(es)
Resumo(s)
The output of services of owner-occupied dwellings is valued at the estimated value of
rental that a tenant would pay for the same accommodation, considering factors such as
location, neighbourhood amenities, as well as the size and quality of the dwelling itself.
Statistics Portugal Institute, in the context of the National Accounts, whenever the households
own the dwelling they occupy, must estimate a market value for the rent of that dwelling
(imputed rent) based on the rent of similar or even different dwellings that are rented
(effective rent). This study uses the imputation hedonic price model with the objective of
estimation of the actual housing rental price and the prices for own occupation housings.
Because the dependent variable is income value in numerical intervals, the method used to
estimate the hedonic function was Truncated Ordered Probit Model. The functional form used
is log-linear and the model included interaction and square root variables and also includes
the external variable which is coefficient of location. In terms of research methodology, this is
a quantitative and applied study that uses descriptive methods based on bibliographic
references and also uses a secondary source of data. The main database of the study is the
general housing census conducted in Portugal in the year 2021.The study concluded that the
imputation hedonic regression model recognizes that heterogeneous goods can be described
by their attributes and location market. The estimation of imputed and effective rents is
mainly used for harmonization purposes in determining the Gross National Income (GNI),
which in turn plays a key role in the analysis and coordination of economic policies.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Data Science and Advanced Analytics, specialization in Business Analytics
Palavras-chave
Hedonic price model Hedonic function Imputation method Effective rental price Imputed rental price SDG 11 - Sustainable cities and communities