A new assessed value approach is proposed to control for the amount of persistent unobserved quality. The approach to a well-established two-stage framework developed by Genesove and Mayer (GM, 2001) is applied, who test the effect of an expected loss on final transaction prices in the housing market. It is shown that the assessed value model effectively mitigates the omitted variable bias and produces similar results as GM when the first-stage residual is included. Importantly, the model does not rely on repeat sales and therefore provides a powerful new tool for estimating market value. Results are robust to alternative specifications, to controlling for loan-to-value ratios, to replacing final sale price with listing price, to alternative fixed effects, to subperiods, to different holding periods, to simulated quality, to excluding flippers, and to controlling improvements between sales.

中文翻译：

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检查锚定溢价估计中的遗漏变量偏差：基于评估值的证据

提出了一种新的评估值方法来控制持续未观察到的质量的数量。应用了由 Genesove 和 Mayer (GM, 2001) 开发的成熟的两阶段框架的方法，他们测试了预期损失对房地产市场最终交易价格的影响。结果表明，当包含第一阶段残差时，评估值模型有效地减轻了遗漏变量偏差，并产生了与 GM 相似的结果。重要的是，该模型不依赖重复销售，因此为估算市场价值提供了强大的新工具。结果对于替代规范、控制贷款价值比、用挂牌价格代替最终售价、替代固定效应、子期、不同持有期、模拟质量、排除鳍状肢、