Karl “Chip” Case, economist and namesake of the Case-Shiller Index, died on Friday at the age of 69.
Mr. Case was a professor emeritus of economics at Wellesley College. In 1987 he collaborated with Yale economist Robert Shiller to construct a home-price index that could predict price changes on the repeat sales of single family homes.
Economist Carl Kase.
At the time, New England was in the middle of a housing bubble. “There was at that time a widespread belief in market efficiency supported by apparent efficiency in the stock market, and there was a general willingness to extend that conclusion to the housing market,” Mr. Shiller said.
The Case-Shiller Index, a reliable means of measuring changes in local home prices, was the result. Case and Shiller used real-estate transaction data from four cities to construct the index, and in 1991 they formed a company with Alan Weiss, Case Shiller Weiss, in order to produce the index. (Case Shiller Weiss was sold to Fistserv in 2002.)
The index has expanded to include 20 major U.S. cities, and a national composite index.
Mr. Case had been suffering from cancer and Parkinson’s disease. He is survived by his wife, daughter, brother and two grandchildren.