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Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches

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Cropper, Maureen L, et al

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Abstract

This paper compares, via simulation, the performance of the multinomial logit and hedonic models in estimating consumer preferences for product attributes. The authors ascribe preferences over the attributes of houses to a population of consumers and, by having them bid for a set of houses, calculate equilibrium prices. The resulting data are used to estimate the two models. Coauthors are Leland Deck, Nalin Kishor, and Kenneth E. McConnell. Copyright 1993 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 75 (1993)
Issue (Month): 2 (May)
Pages: 225-32
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Handle: RePEc:tpr:restat:v:75:y:1993:i:2:p:225-32

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  1. Anne Beeson Royalty, . "A Discrete Choice Approach to Estimating Workers' Marginal Valuation of Fringe Benefits," Working Papers 98008, Stanford University, Department of Economics. [Downloadable!]
  2. Jérôme Massiani, 2008. "Can we use hedonic pricing to estimate freight value of time?," EERI Research Paper Series EERI_RP_2008_08, Economics and Econometrics Research Institute (EERI). [Downloadable!]
  3. Patrick Bayer & Fernando Ferreira & Robert McMillan, 2007. "A Unified Framework for Measuring Preferences for Schools and Neighborhoods," NBER Working Papers 13236, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. H. Spencer Banzhaf & V. Kerry Smith, 2007. "Meta-analysis in model implementation: choice sets and the valuation of air quality improvements," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(6), pages 1013-1031. [Downloadable!]
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  5. Christopher Timmins, 1999. "Estimating the Amenity Costs of Global Warming in Brazil: Getting the Most from Available Data," Working Papers 809, Economic Growth Center, Yale University. [Downloadable!]
  6. N. Jonker, 2001. "Constructing Quality Adjusted Price Indexes: a Comparison of Hedonic and Discrete Choice Models," WO Research Memoranda (discontinued) 673, Netherlands Central Bank, Research Department. [Downloadable!]
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  7. H. Allen Klaiber & V. Kerry Smith, 2009. "Evaluating Rubin's Causal Model for Measuring the Capitalization of Environmental Amenities," NBER Working Papers 14957, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Cristián Mardones, 2006. "Impacto de la Percepción de la Calidad del Aire sobre el Precio de las Viviendas en Concepción-Talcahuano, Chile," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(128), pages 301-330. [Downloadable!]
  9. Linwood Pendleton & Robert Mendelsohn, 2000. "Estimating Recreation Preferences Using Hedonic Travel Cost and Random Utility Models," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 17(1), pages 89-108, September. [Downloadable!] (restricted)
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