Average Derivative Estimation of Hedonic Price Models
AbstractConventional parametric techniques for estimatinghedonic price models require a correct functionalform. In this paper, we side-step this parametricshortcoming by estimating a hedonic price model usingaverage derivative estimation (ADE). Thissemiparametric approach produces robust estimates ofthe marginal effects without assuming a specificfunctional form a priori. In our application ofthe model to a unique data set on Korean home prices,ADE produced estimates consistent with priorexpectations, providing initial evidence that themodel may represent a viable alternative when usingthe hedonic approach. Copyright Kluwer Academic Publishers 2000
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Bibliographic InfoArticle provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.
Volume (Year): 16 (2000)
Issue (Month): 1 (May)
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Web page: http://www.springerlink.com/link.asp?id=100263
average derivative estimation; hedonic price models; semiparametric estimation;
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