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Specification Tests in Hedonic Models

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  • Burgess, James F, Jr
  • Harmon, Oskar R

Abstract

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

Suggested Citation

  • Burgess, James F, Jr & Harmon, Oskar R, 1991. "Specification Tests in Hedonic Models," The Journal of Real Estate Finance and Economics, Springer, vol. 4(4), pages 375-393, December.
    • Handle: RePEc:kap:jrefec:v:4:y:1991:i:4:p:375-93
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    Cited by:

    1. Stephen Malpezzi, "undated". "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    2. Pant, Krishna Prasad, 2009. "Price-based Valuation of Rice Genetic Diversity in Nepal," 2009 Conference, August 16-22, 2009, Beijing, China 51642, International Association of Agricultural Economists.
    3. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    4. Philippe Cyrenne & Robert Fenton & Joseph Warbanski, 2006. "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 349-380.
    5. Wilhelmsson, Mats, 2002. "Household Expenditure Patterns for Housing Attributes: A Linear Expenditure System with Hedonic Prices," Journal of Housing Economics, Elsevier, vol. 11(1), pages 75-93, March.

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