题目
What is the most significant drawback of a repeat sales index to measure returns to real estate?
选项
A.Sample selection bias
B.Understatement of volatility
C.Reliance on subjective appraisals
答案
A
解析
A is correct. A repeat sales index uses the changes in price of repeat-sale properties to construct the index. Sample selection bias is a significant drawback because the properties that sell in each period vary and may not be representative of the overall market the index is meant to cover. The properties that transact are not a random sample and may be biased toward properties that changed in value. Understated volatility and reliance on subjective appraisals by experts are drawbacks of an appraisal index.：A是正确的。重复销售指数使用重复销售房地产的价格变化来构建指数。样本选择偏差是一个显著的缺点，因为每个时期销售的房地产不同，可能无法代表指数所涵盖的整个市场。房地产的交易不是一个随机样本，可能偏向于价值发生的变化。低估波动性以及依赖专家的主观评估是评估指数的缺点。