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A robust estimation of hedonic price models: least absolute deviations estimation

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  • Seung-Hoon Yoo
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    Abstract

    Conventional parametric estimation of the hedonic price models is not robust to heteroscedastic and/or non-normal error structure. This paper applies least absolute deviations (LAD) estimation as a robust approach to estimating the hedonic price models, using the Korea housing markets data. The paper finds that LAD estimation produces more reasonable results and that it proves robust in a situation where other estimation results based on various functional form models produce inaccurate or misleading results.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 8 (2001)
    Issue (Month): 1 ()
    Pages: 55-58

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    Handle: RePEc:taf:apeclt:v:8:y:2001:i:1:p:55-58

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    Cited by:
    1. Barajas, Angel, 2004. "Modelo de valoración de clubes de fútbol basado en los factores clave de su negocio
      [Valuation model for football clubs based on the key factors of their business]
      ," MPRA Paper 13158, University Library of Munich, Germany.

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