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Inventing the House by Charles T. Koebel, Dong Zhao, Andrew P. McCoy, Andrew R. Sanderford

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Chapter 4

Establishing Builder Confidence for the Residential Construction Industry

Dong Zhao, Andrew P. McCoy, and Andrew R. Sanderford

4.1 Introduction

Indices describing market participants’ feelings about latent (unobservable) constructs have, for quite some time, provided important signals to their relevant market places. Latent constructs include concepts such as confidence, sentiment, or fear (Croushore 2005). Because no instrument can be created to measure these emotions directly, economists and social scientists tend to craft survey instruments and utilize the data to gain insight into existing and future trends. These data and analyses also send important signals on the degree of optimism on the state of economy, the consumer, commodities, ...

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