Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings

As well acknowledged in the literature, housing is often the dominant consumption good for most households. As such, it should be included in a comprehensive welfare aggregate to measure people's living standards accurately. However, assigning...

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Main Authors:	Balcazar, Carlos Felipe, Ceriani, Lidia, Olivieri, Sergio, Ranzani, Marco
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank Group, Washington, DC 2014
Subjects:	ABSOLUTE POVERTY ABSOLUTE POVERTY LINE AGRICULTURE APARTMENTS BASKET OF GOODS BENCHMARK BONDS CASH FLOW CHANGES IN POVERTY CITIES CONSUMER PRICE INDEX CONSUMER PRICE INDICES CONSUMER PRICES CONSUMPTION AGGREGATE CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION INCREASES CONSUMPTION MEASURE COST OF HOUSING CRIME DESCRIPTION DEVELOPMENT POLICY DISPOSABLE INCOME DISTRICTS DURABLE GOODS DWELLING DWELLING COSTS DWELLINGS ECONOMETRIC MODELS ECONOMETRICS ECONOMIC COOPERATION ECONOMIC SECTORS ECONOMIC STATISTICS ECONOMIC THEORY ELASTICITY EQUALITY EXCHANGE RATES FAMILY MEMBERS FINANCIAL CRISIS FOOD CONSUMPTION FOOD POVERTY FOOD POVERTY LINE FOOD PRICES FUNCTIONAL FORMS GDP GDP PER CAPITA GROSS VALUE HOME OWNER HOME OWNERS HOME OWNERSHIP HOMEOWNERS HOMES HOSPITALS HOUSE PRICES HOUSEHOLD BUDGET HOUSEHOLD COMPOSITION HOUSEHOLD INCOME HOUSEHOLD SURVEY HOUSEHOLD SURVEYS HOUSEHOLDS HOUSES HOUSING HOUSING COSTS HOUSING ECONOMICS HOUSING MARKET HOUSING MARKETS IMPACT ON POVERTY INCOME INCOME DISTRIBUTION INCOME INEQUALITY INEQUALITY INEQUALITY MEASURES INFLATION INFLATION RATE INHABITANTS INSURANCE INTERNATIONAL POVERTY COMPARISONS LIVING CONDITION LIVING CONDITIONS LIVING STANDARDS MEASUREMENT OF POVERTY MONETARY POLICY MORTGAGES NEIGHBORHOOD NEIGHBORHOODS NOMINAL INTEREST RATE OCCUPATION OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA CONSUMPTION POLITICAL ECONOMY POOR POOR INDIVIDUALS POPULATION GROUPS POVERTY ESTIMATES POVERTY INDICES POVERTY LEVEL POVERTY LEVELS POVERTY LINE POVERTY LINES POVERTY MEASURES POVERTY RATE POVERTY STATUS POVERTY THRESHOLD PRICE INDEXES PRICE LEVELS PROPERTY TAXES PROPERTY VALUES PURCHASING POWER QUALITY OF LIFE REAL INTEREST RATE REDUCTION IN POVERTY REGIONAL SCIENCE RENTAL SERVICES RENTALS RENTING RENTS RURAL RURAL AREAS SAVINGS SETTLEMENT SHELTER SPATIAL DEPENDENCE SPATIAL DISTRIBUTION SPATIAL PATTERNS TAXATION TOTAL POVERTY TOTAL POVERTY LINE TRAFFIC URBAN AREAS UTILITY FUNCTION WEALTH WELFARE DISTRIBUTION WELFARE MEASURE WELFARE MEASURES
Online Access:	http://documents.worldbank.org/curated/en/2014/11/20373375/rent-imputation-welfare-measurement-review-methodologies-empirical-findings http://hdl.handle.net/10986/20613

id	okr-10986-20613
recordtype	oai_dc
spelling	okr-10986-206132021-04-23T14:03:59Z Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings Balcazar, Carlos Felipe Ceriani, Lidia Olivieri, Sergio Ranzani, Marco ABSOLUTE POVERTY ABSOLUTE POVERTY LINE AGRICULTURE APARTMENTS BASKET OF GOODS BENCHMARK BONDS CASH FLOW CHANGES IN POVERTY CITIES CONSUMER PRICE INDEX CONSUMER PRICE INDICES CONSUMER PRICES CONSUMPTION AGGREGATE CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION INCREASES CONSUMPTION MEASURE COST OF HOUSING CRIME DESCRIPTION DEVELOPMENT POLICY DISPOSABLE INCOME DISTRICTS DURABLE GOODS DWELLING DWELLING COSTS DWELLINGS ECONOMETRIC MODELS ECONOMETRICS ECONOMIC COOPERATION ECONOMIC SECTORS ECONOMIC STATISTICS ECONOMIC THEORY ELASTICITY EQUALITY EXCHANGE RATES FAMILY MEMBERS FINANCIAL CRISIS FOOD CONSUMPTION FOOD POVERTY FOOD POVERTY LINE FOOD PRICES FUNCTIONAL FORMS GDP GDP PER CAPITA GROSS VALUE HOME OWNER HOME OWNERS HOME OWNERSHIP HOMEOWNERS HOMES HOSPITALS HOUSE PRICES HOUSEHOLD BUDGET HOUSEHOLD COMPOSITION HOUSEHOLD INCOME HOUSEHOLD SURVEY HOUSEHOLD SURVEYS HOUSEHOLDS HOUSES HOUSING HOUSING COSTS HOUSING ECONOMICS HOUSING MARKET HOUSING MARKETS IMPACT ON POVERTY INCOME INCOME DISTRIBUTION INCOME INEQUALITY INEQUALITY INEQUALITY MEASURES INFLATION INFLATION RATE INHABITANTS INSURANCE INTERNATIONAL POVERTY COMPARISONS LIVING CONDITION LIVING CONDITIONS LIVING STANDARDS MEASUREMENT OF POVERTY MONETARY POLICY MORTGAGES NEIGHBORHOOD NEIGHBORHOODS NOMINAL INTEREST RATE OCCUPATION OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA CONSUMPTION POLITICAL ECONOMY POOR POOR INDIVIDUALS POPULATION GROUPS POVERTY ESTIMATES POVERTY INDICES POVERTY LEVEL POVERTY LEVELS POVERTY LINE POVERTY LINES POVERTY MEASURES POVERTY RATE POVERTY STATUS POVERTY THRESHOLD PRICE INDEXES PRICE LEVELS PROPERTY TAXES PROPERTY VALUES PURCHASING POWER QUALITY OF LIFE REAL INTEREST RATE REDUCTION IN POVERTY REGIONAL SCIENCE RENTAL SERVICES RENTALS RENTING RENTS RURAL RURAL AREAS SAVINGS SETTLEMENT SHELTER SPATIAL DEPENDENCE SPATIAL DISTRIBUTION SPATIAL PATTERNS TAXATION TOTAL POVERTY TOTAL POVERTY LINE TRAFFIC URBAN AREAS UTILITY FUNCTION WEALTH WELFARE DISTRIBUTION WELFARE MEASURE WELFARE MEASURES As well acknowledged in the literature, housing is often the dominant consumption good for most households. As such, it should be included in a comprehensive welfare aggregate to measure people's living standards accurately. However, assigning a value to the flow of the dwelling for homeowners and nonmarket tenants is problematic. Over the last decades several estimation techniques have been proposed and implemented by practitioners covering from very simple to sophisticated approaches. This paper provides an extensive review of different methods to impute rent, commonly used for welfare analysis. It also gives an overview of how this problem has been addressed by other economic domains, namely national accounts, price indices, purchasing power parities, and taxation. Finally, after setting up a theoretical framework, the paper summarizes the empirical findings about the distributional impact of including imputed rents in welfare aggregates. 2014-12-03T15:50:00Z 2014-12-03T15:50:00Z 2014-11 http://documents.worldbank.org/curated/en/2014/11/20373375/rent-imputation-welfare-measurement-review-methodologies-empirical-findings http://hdl.handle.net/10986/20613 English en_US Policy Research Working Paper;No. 7103 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Group, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ABSOLUTE POVERTY ABSOLUTE POVERTY LINE AGRICULTURE APARTMENTS BASKET OF GOODS BENCHMARK BONDS CASH FLOW CHANGES IN POVERTY CITIES CONSUMER PRICE INDEX CONSUMER PRICE INDICES CONSUMER PRICES CONSUMPTION AGGREGATE CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION INCREASES CONSUMPTION MEASURE COST OF HOUSING CRIME DESCRIPTION DEVELOPMENT POLICY DISPOSABLE INCOME DISTRICTS DURABLE GOODS DWELLING DWELLING COSTS DWELLINGS ECONOMETRIC MODELS ECONOMETRICS ECONOMIC COOPERATION ECONOMIC SECTORS ECONOMIC STATISTICS ECONOMIC THEORY ELASTICITY EQUALITY EXCHANGE RATES FAMILY MEMBERS FINANCIAL CRISIS FOOD CONSUMPTION FOOD POVERTY FOOD POVERTY LINE FOOD PRICES FUNCTIONAL FORMS GDP GDP PER CAPITA GROSS VALUE HOME OWNER HOME OWNERS HOME OWNERSHIP HOMEOWNERS HOMES HOSPITALS HOUSE PRICES HOUSEHOLD BUDGET HOUSEHOLD COMPOSITION HOUSEHOLD INCOME HOUSEHOLD SURVEY HOUSEHOLD SURVEYS HOUSEHOLDS HOUSES HOUSING HOUSING COSTS HOUSING ECONOMICS HOUSING MARKET HOUSING MARKETS IMPACT ON POVERTY INCOME INCOME DISTRIBUTION INCOME INEQUALITY INEQUALITY INEQUALITY MEASURES INFLATION INFLATION RATE INHABITANTS INSURANCE INTERNATIONAL POVERTY COMPARISONS LIVING CONDITION LIVING CONDITIONS LIVING STANDARDS MEASUREMENT OF POVERTY MONETARY POLICY MORTGAGES NEIGHBORHOOD NEIGHBORHOODS NOMINAL INTEREST RATE OCCUPATION OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA CONSUMPTION POLITICAL ECONOMY POOR POOR INDIVIDUALS POPULATION GROUPS POVERTY ESTIMATES POVERTY INDICES POVERTY LEVEL POVERTY LEVELS POVERTY LINE POVERTY LINES POVERTY MEASURES POVERTY RATE POVERTY STATUS POVERTY THRESHOLD PRICE INDEXES PRICE LEVELS PROPERTY TAXES PROPERTY VALUES PURCHASING POWER QUALITY OF LIFE REAL INTEREST RATE REDUCTION IN POVERTY REGIONAL SCIENCE RENTAL SERVICES RENTALS RENTING RENTS RURAL RURAL AREAS SAVINGS SETTLEMENT SHELTER SPATIAL DEPENDENCE SPATIAL DISTRIBUTION SPATIAL PATTERNS TAXATION TOTAL POVERTY TOTAL POVERTY LINE TRAFFIC URBAN AREAS UTILITY FUNCTION WEALTH WELFARE DISTRIBUTION WELFARE MEASURE WELFARE MEASURES
spellingShingle	ABSOLUTE POVERTY ABSOLUTE POVERTY LINE AGRICULTURE APARTMENTS BASKET OF GOODS BENCHMARK BONDS CASH FLOW CHANGES IN POVERTY CITIES CONSUMER PRICE INDEX CONSUMER PRICE INDICES CONSUMER PRICES CONSUMPTION AGGREGATE CONSUMPTION EXPENDITURE CONSUMPTION EXPENDITURES CONSUMPTION INCREASES CONSUMPTION MEASURE COST OF HOUSING CRIME DESCRIPTION DEVELOPMENT POLICY DISPOSABLE INCOME DISTRICTS DURABLE GOODS DWELLING DWELLING COSTS DWELLINGS ECONOMETRIC MODELS ECONOMETRICS ECONOMIC COOPERATION ECONOMIC SECTORS ECONOMIC STATISTICS ECONOMIC THEORY ELASTICITY EQUALITY EXCHANGE RATES FAMILY MEMBERS FINANCIAL CRISIS FOOD CONSUMPTION FOOD POVERTY FOOD POVERTY LINE FOOD PRICES FUNCTIONAL FORMS GDP GDP PER CAPITA GROSS VALUE HOME OWNER HOME OWNERS HOME OWNERSHIP HOMEOWNERS HOMES HOSPITALS HOUSE PRICES HOUSEHOLD BUDGET HOUSEHOLD COMPOSITION HOUSEHOLD INCOME HOUSEHOLD SURVEY HOUSEHOLD SURVEYS HOUSEHOLDS HOUSES HOUSING HOUSING COSTS HOUSING ECONOMICS HOUSING MARKET HOUSING MARKETS IMPACT ON POVERTY INCOME INCOME DISTRIBUTION INCOME INEQUALITY INEQUALITY INEQUALITY MEASURES INFLATION INFLATION RATE INHABITANTS INSURANCE INTERNATIONAL POVERTY COMPARISONS LIVING CONDITION LIVING CONDITIONS LIVING STANDARDS MEASUREMENT OF POVERTY MONETARY POLICY MORTGAGES NEIGHBORHOOD NEIGHBORHOODS NOMINAL INTEREST RATE OCCUPATION OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA CONSUMPTION POLITICAL ECONOMY POOR POOR INDIVIDUALS POPULATION GROUPS POVERTY ESTIMATES POVERTY INDICES POVERTY LEVEL POVERTY LEVELS POVERTY LINE POVERTY LINES POVERTY MEASURES POVERTY RATE POVERTY STATUS POVERTY THRESHOLD PRICE INDEXES PRICE LEVELS PROPERTY TAXES PROPERTY VALUES PURCHASING POWER QUALITY OF LIFE REAL INTEREST RATE REDUCTION IN POVERTY REGIONAL SCIENCE RENTAL SERVICES RENTALS RENTING RENTS RURAL RURAL AREAS SAVINGS SETTLEMENT SHELTER SPATIAL DEPENDENCE SPATIAL DISTRIBUTION SPATIAL PATTERNS TAXATION TOTAL POVERTY TOTAL POVERTY LINE TRAFFIC URBAN AREAS UTILITY FUNCTION WEALTH WELFARE DISTRIBUTION WELFARE MEASURE WELFARE MEASURES Balcazar, Carlos Felipe Ceriani, Lidia Olivieri, Sergio Ranzani, Marco Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
relation	Policy Research Working Paper;No. 7103
description	As well acknowledged in the literature, housing is often the dominant consumption good for most households. As such, it should be included in a comprehensive welfare aggregate to measure people's living standards accurately. However, assigning a value to the flow of the dwelling for homeowners and nonmarket tenants is problematic. Over the last decades several estimation techniques have been proposed and implemented by practitioners covering from very simple to sophisticated approaches. This paper provides an extensive review of different methods to impute rent, commonly used for welfare analysis. It also gives an overview of how this problem has been addressed by other economic domains, namely national accounts, price indices, purchasing power parities, and taxation. Finally, after setting up a theoretical framework, the paper summarizes the empirical findings about the distributional impact of including imputed rents in welfare aggregates.
format	Publications & Research :: Policy Research Working Paper
author	Balcazar, Carlos Felipe Ceriani, Lidia Olivieri, Sergio Ranzani, Marco
author_facet	Balcazar, Carlos Felipe Ceriani, Lidia Olivieri, Sergio Ranzani, Marco
author_sort	Balcazar, Carlos Felipe
title	Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
title_short	Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
title_full	Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
title_fullStr	Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
title_full_unstemmed	Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
title_sort	rent imputation for welfare measurement : a review of methodologies and empirical findings
publisher	World Bank Group, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/11/20373375/rent-imputation-welfare-measurement-review-methodologies-empirical-findings http://hdl.handle.net/10986/20613
_version_	1764446902952132608

Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings

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