The market for Picasso prints: an hybrid model approach
AbstractTwo basic approaches have been used by the literature focusing on the return to holding artistic works: the hedonic price model and the repeat-sales model. This paper provides a procedure for jointly estimating the two models in a way that take advantages of the unique information contained in each. A semiannual price index for Picasso prints is estimated by using a model derived from the basic framework of the hybrid models. The empirical results suggest that the hybrid model provides the most precisely estimated price index by reducing the level of price volatility.
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Bibliographic InfoPaper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 34.
Length: 28 pages
Date of creation: Mar 2003
Date of revision:
Contact details of provider:
Web page: http://polis.unipmn.it
Other versions of this item:
- Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer, vol. 29(2), pages 127-136, May.
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- Z1 - Other Special Topics - - Cultural Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-09 (All new papers)
- NEP-COM-2003-04-09 (Industrial Competition)
- NEP-CUL-2003-04-09 (Cultural Economics)
- NEP-MIC-2003-04-10 (Microeconomics)
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