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Functional Form Model Specification: An Application To Hedonic Pricing

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  • Brown, Jeff E.
  • Ethridge, Don E.
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    Abstract

    A combination of conceptual analysis and empirical analysis-partial regression and residuals analysis-was used to derive an appropriate functional form hedonic price model. These procedures are illustrated in the derivation of a functional form hedonic model for an automated, econometric daily cotton price reporting system for the Texas-Oklahoma cotton market. Following conceptualization to deduce the general shapes of relationships, the appropriate specific functional form was found by testing particular attribute transformations identified from partial regression analysis. Minimizing structural errors across attribute levels and estimation accuracy were used in determining when an appropriate functional form for both implicit and explicit prices was found.

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    File URL: http://purl.umn.edu/31596
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    Bibliographic Info

    Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

    Volume (Year): 24 (1995)
    Issue (Month): 2 (October)
    Pages:

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    Handle: RePEc:ags:arerjl:31596

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    Web page: http://www.narea.org/
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    Related research

    Keywords: Demand and Price Analysis;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Darren Hudson & Don Ethridge & Jeff Brown, 1996. "Producer prices in cotton markets: Evaluation of reported price information accuracy," Agribusiness, John Wiley & Sons, Ltd., vol. 12(4), pages 353-362.
    2. Han Bin Kang & Alan K. Reichert, 1987. "An Evaluation of Alternative Estimation Techniques and Functional Forms in Developing Statistical Appraisal Models," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 1-29.
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    Cited by:
    1. Gaetano Lisi, 2011. "The Hedonic Price Function in a Matching Model of Housing Market," Economics Bulletin, AccessEcon, vol. 31(3), pages 2347-2355.
    2. Hoelscher, Kevin & Ethridge, Don E. & Misra, Sukant K., 1998. "Texas-Oklahoma Producer Cotton Market Summary: 1997/98," Cotton Economics Research Institute CER Series 31250, Texas Tech University, Department of Agricultural and Applied Economics.
    3. Sanders, Dane & Misra, Sukant K. & Ethridge, Don E., 2002. "Texas - Oklahoma Producer Cotton Market Summary: 2001/2002," Cotton Economics Research Institute CER Series 31245, Texas Tech University, Department of Agricultural and Applied Economics.
    4. Singh-Knights, Doolarie & Smith, Dennis K. & Knights, Marlon, 2005. "A Hedonic Analysis of Sheep and Goat Prices in a Changing Environment: The Role of Consumers and Implications for Management," 2005 Annual meeting, July 24-27, Providence, RI 19289, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. Brown, Jeff E. & Ethridge, Don E. & Hudson, Darren & Engels, Carlos, 1995. "An Automated Econometric Approach For Estimating And Reporting Daily Cotton Market Prices," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(02), December.
    6. Teuber, Ramona, 2008. "Geographical Indications and the Value of Reputation - Empirical Evidence for Cafe de Marcala," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43835, European Association of Agricultural Economists.
    7. Ethridge, Don E. & Misra, Sukant K. & Fadiga, Mohamadou L., 2004. "Texas-Oklahoma Producer Cotton Market Summary: 2003/2004," Cotton Economics Research Institute CER Series 31246, Texas Tech University, Department of Agricultural and Applied Economics.
    8. Nelson, Jeannie & Hoelscher, Kevin & Misra, Sukant K. & Ethridge, Don E., 2000. "Texas-Oklahoma Producer Cotton Market Summary: 1999/2000," Cotton Economics Research Institute CER Series 31242, Texas Tech University, Department of Agricultural and Applied Economics.
    9. Ward, Jason & Nelson, Jeannie & Misra, Sukant K. & Ethridge, Don E., 2001. "Texas-Oklahoma Producer Cotton Market Summary: 2000/2001," Cotton Economics Research Institute CER Series 31249, Texas Tech University, Department of Agricultural and Applied Economics.
    10. Teuber, Ramona, 2009. "Café de Marcala - Honduras' GI Approach to Achieving Reputation in the Coffee Market," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 10(1).
    11. Sanders, Dane & Wankhede, Pallavi & Misra, Sukant K. & Ethridge, Don E., 2003. "Texas-Oklahoma Producer Cotton Market Summary: 2002/2003," Cotton Economics Research Institute CER Series 31248, Texas Tech University, Department of Agricultural and Applied Economics.

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