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Statistical Theory of Hedonic Price Indices

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  • Brachinger, Hans Wolfgang

Abstract

In the economic literature, essentially, hedonic techniques either are applied straightforwardly or the economic foundations of the hedonic hypothesis are discussed. In this paper, the statistical foundations of hedonic price indices are developed. After a short overview on well-known functional forms of hedonic equations, first, precise hedonic notions of a good and its price are specified. These specifications allow a clear-cut definition of true hedonic price indices. Then, the problem of estimating hedonic price indices is treated. It is shown, first, that the usual hedonic price index formulae result from estimating certain true indices in a special way and, second, that the techniques used in practice for estimating hedonic indices are just first approaches.

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Bibliographic Info

Paper provided by Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland in its series DQE Working Papers with number 1.

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Length: 18 pages
Date of creation: Aug 2002
Date of revision: Aug 2003
Handle: RePEc:fri:dqewps:wp0001

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Keywords: Hedonic regression; functional forms of hedonic equations; hedonic price of a good; true hedonic price index; true hedonic Laspeyres price index; true hedonic Paasche price index; true adjacent periods price index; estimated hedonic price indices;

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References

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  1. Harhoff, Dietmar & Moch, Dietmar, 1996. "Price Indexes for PC Database Software and the Value of Code Compatibility," ZEW Discussion Papers 96-17, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
  3. Ernst R. Berndt & Zvi Griliches, 1990. "Price Indexes for Microcomputers: An Exploratory Study," NBER Working Papers 3378, National Bureau of Economic Research, Inc.
  4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  5. Brent R. Moulton, 2001. "The Expanding Role of Hedonic Methods in the Official Statistics of the United States," BEA Papers 0018, Bureau of Economic Analysis.
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Citations

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Cited by:
  1. Sanja Lutzeyer, 2008. "Estimating Hedonic Prices for Stellenbosch wine," Working Papers 15/2008, Stellenbosch University, Department of Economics.
  2. Bohl, Martin T. & Michels, Winfried & Oelgemöller, Jens, 2011. "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Beiträge zur angewandten Wirtschaftsforschung 34, Center of Applied Economic Research Münster (CAWM), University of Münster.
  3. Brachinger, Hans Wolfgang & Beer, Michael, 2009. "The Econometric Foundations of Hedonic Elementary Price Indices," DQE Working Papers 12, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland.
  4. Martin T. Bohl, Winfried Michels, Jens Oelgemöller, . "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Working Papers 201144, Institute of Spatial and Housing Economics, Munster Universitary.
  5. Philipp an de Meulen & Martin Micheli & Torsten Schmidt, 2011. "Forecasting House Prices in Germany," Ruhr Economic Papers 0294, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  6. Beer, Michael, 2005. "Bootstrapping a Hedonic Price Index: Experience from Used Cars Data," DQE Working Papers 4, Department of Quantitative Economics, University of Freiburg/Fribourg Switzerland, revised 20 Jan 2007.
  7. Piermassimo Pavese, 2007. "Hedonic Housing Price Indices: The Turinese Experience," Rivista di Politica Economica, SIPI Spa, vol. 97(6), pages 113-148, November-.
  8. Gaetano Lisi, 2013. "On the Functional Form of the Hedonic Price Function: A Matching-theoretic Model and Empirical Evidence," International Real Estate Review, Asian Real Estate Society, vol. 16(2), pages 189-207.
  9. Ventura Charlin & Arturo Cifuentes, 2013. "A new financial metric for the art market," Papers 1309.6929, arXiv.org, revised Dec 2013.

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