Functional Form Model Specification: An Application To Hedonic Pricing
A combination of conceptual analysis and empirical analysis-partial regression and residuals analysis-was used to derive an appropriate functional form hedonic price model. These procedures are illustrated in the derivation of a functional form hedonic model for an automated, econometric daily cotton price reporting system for the Texas-Oklahoma cotton market. Following conceptualization to deduce the general shapes of relationships, the appropriate specific functional form was found by testing particular attribute transformations identified from partial regression analysis. Minimizing structural errors across attribute levels and estimation accuracy were used in determining when an appropriate functional form for both implicit and explicit prices was found.
Volume (Year): 24 (1995)
Issue (Month): 2 (October)
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- Han Bin Kang & Alan K. Reichert, 1987. "An Evaluation of Alternative Estimation Techniques and Functional Forms in Developing Statistical Appraisal Models," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 1-29.
- Darren Hudson & Don Ethridge & Jeff Brown, 1996. "Producer prices in cotton markets: Evaluation of reported price information accuracy," Agribusiness, John Wiley & Sons, Ltd., vol. 12(4), pages 353-362.
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