Specification testing can be an effective method for addressing the considerable econometric problems present in hedonic models. In this article, the authors suggest the use of three different Hausman-type specification tests--tests for the hedonic price equation, each preference equation, and a system of equations--as a way of isolating the sources of misspecification in a hedonic model. Using a national data sample as an example, they illustrate the use of these tests to guide model specification in a simultaneous setting. Copyright 1991 by Kluwer Academic Publishers
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Volume (Year): 4 (1991) Issue (Month): 4 (December) Pages: 375-93 Download reference. The following formats are available: HTML
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