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Hedonic Regressions: Mis-specification and Neural Networks

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Author Info
Curry, Bruce
Morgan, Peter
Silver, Mick

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Abstract

There is an emerging literature in the field of hedonic regressions which successfully applies flexible functional forms. In contrast, numerous authors report hedonic regressions with relatively simple functions, often with little or no attempt to consider interaction terms and higher level powers. Such simple functions perform relatively well in spite of good a priori grounds for quite complex interaction effects. Indeed, the studies are characterised by a general indifference to testing these more flexible models, even when degrees of freedom permit. Using detailed scanner data, hedonic functions for the UK TV market are estimated and tested for interaction effects. For a case study of the market, higher level interaction effects are tested for and compare the results with those from a neural network, with its property of "universal approximation". The use of neural networks is particularly novel in this context and some general findings on their suitability emerge. Copyright 2001 by Taylor and Francis Group

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 33 (2001)
Issue (Month): 5 (April)
Pages: 659-71
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Handle: RePEc:taf:applec:v:33:y:2001:i:5:p:659-71

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  1. Michael Beer, 2007. "Bootstrapping a hedonic price index: experience from used cars data," AStA Advances in Statistical Analysis, Springer, vol. 91(1), pages 77-92, March. [Downloadable!] (restricted)
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  2. Mick Silver & Saeed Heravi, 2002. "A Failure in the measurement of inflation: results from a hedonic and matched experiment using scanner data," Working Paper Series 144, European Central Bank. [Downloadable!]
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  3. Johannes Hoffmann & Claudia Kurz, 2002. "Rent indices for housing in West Germany 1985 to 1998," Working Paper Series 116, European Central Bank. [Downloadable!]
    Other versions:
  4. Hans Wolfgang Brachinger & Michael Beer, 2009. "The Econometric Foundations of Hedonic Elementary Price Indices," DQE Working Papers 12, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland. [Downloadable!]
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