Rent Imputation for Welfare Measurement : A Review of Methodologies and Empirical Findings
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World Bank Group, Washington, DC
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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.
Palabras clave
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