The Market for Picasso Prints: A Hybrid Model Approach
AbstractTwo basic approaches have been used by the literature focusing on the return to holding artistic works: the hedonic price model and the repeat-sales model. This paper provides a procedure for jointly estimating the two models in a way that take advantages of the unique information contained in each. A semiannual price index for Picasso prints is estimated by using a model derived from the basic framework of the hybrid models. The empirical results suggest that the hybrid model provides the most precisely estimated price index by reducing the level of price volatility. Copyright Springer Science + Business Media, Inc. 2005
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Bibliographic InfoArticle provided by Springer in its journal Journal of Cultural Economics.
Volume (Year): 29 (2005)
Issue (Month): 2 (May)
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Web page: http://www.springerlink.com/link.asp?id=100284
prints; Picasso; hedonic prices; repeat sales; rate of return; hybrid models;
Other versions of this item:
- Locatelli-Biey, Marilena & Zanola, Roberto, 2003. "The market for Picasso prints: an hybrid model approach," POLIS Working Papers 34, Institute of Public Policy and Public Choice - POLIS.
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- Z1 - Other Special Topics - - Cultural Economics
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