The more you know, the better: A Heckman repeat-sales price index
Author
Abstract
Suggested Citation
DOI: 10.1016/j.qref.2021.01.005
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Englund, Peter & Quigley, John M. & Redfearn, Christian L., 1998. "Improved Price Indexes for Real Estate: Measuring the Course of Swedish Housing Prices," Journal of Urban Economics, Elsevier, vol. 44(2), pages 171-196, September.
- Orley Ashenfelter & Kathryn Graddy, 2011.
"Sale Rates and Price Movements in Art Auctions,"
American Economic Review, American Economic Association, vol. 101(3), pages 212-216, May.
- Orley Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," Working Papers 23, Brandeis University, Department of Economics and International Business School.
- Ashenfelter, Orley C & Graddy, Kathryn, 2011. "Sale Rates and Price Movements in Art Auctions," CEPR Discussion Papers 8219, C.E.P.R. Discussion Papers.
- Orley Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," Working Papers 1294, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Orley C. Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," NBER Working Papers 16743, National Bureau of Economic Research, Inc.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014.
"Bubbles and Trading Frenzies : Evidence from the Art Market,"
Other publications TiSEM
bf0d8984-df7f-4f02-afc7-3, Tilburg University, School of Economics and Management.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Discussion Paper 2014-068, Tilburg University, Center for Economic Research.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Discussion Paper 2014-046, Tilburg University, Tilburg Law and Economic Center.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Other publications TiSEM 386dd5e7-e672-4d9d-829c-6, Tilburg University, School of Economics and Management.
- Jose A. Scheinkman & Wei Xiong, 2003. "Overconfidence and Speculative Bubbles," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1183-1219, December.
- Sarah E. Wolfolds & Jordan Siegel, 2019. "Misaccounting for endogeneity: The peril of relying on the Heckman two‐step method without a valid instrument," Strategic Management Journal, Wiley Blackwell, vol. 40(3), pages 432-462, March.
- Arthur Korteweg & Roman Kräussl & Patrick Verwijmeren, 2016.
"Does it Pay to Invest in Art? A Selection-Corrected Returns Perspective,"
The Review of Financial Studies, Society for Financial Studies, vol. 29(4), pages 1007-1038.
- Korteweg, Arthur & Kräussl, Roman & Verwijmeren, Patrick, 2013. "Does it pay to invest in art? A selection-corrected returns perspective," CFS Working Paper Series 2013/18, Center for Financial Studies (CFS).
- Arthur Korteweg & Roman Kräussl & Patrick Verwijmeren, 2013. "Does it pay to invest in Art? A Selection-corrected Returns Perspective," Tinbergen Institute Discussion Papers 13-152/IV/DSF61, Tinbergen Institute.
- Roman Kraussl & Arthur Korteweg & Patrick Verwijmeren, 2013. "Does it Pay to Invest in Art? A Selection-corrected Returns Perspective," LSF Research Working Paper Series 13-7, Luxembourg School of Finance, University of Luxembourg.
- Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
- James J. Fogarty & Callum Jones, 2011.
"Return To Wine: A Comparison Of The Hedonic, Repeat Sales And Hybrid Approaches,"
Australian Economic Papers, Wiley Blackwell, vol. 50(4), pages 147-156, December.
- Fogarty, James Joseph & Jones, Callum, 2011. "Return to wine: A comparison of the hedonic, repeat sales, and hybrid approaches," Working Papers 108668, University of Western Australia, School of Agricultural and Resource Economics.
- Marilena Biey & Roberto Zanola, 2005.
"The Market for Picasso Prints: A Hybrid Model Approach,"
Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 127-136, May.
- Locatelli-Biey, Marilena & Zanola, Roberto, 2003. "The market for Picasso prints: an hybrid model approach," POLIS Working Papers 34, Institute of Public Policy and Public Choice - POLIS.
- Corinna Czujack, 1997. "Picasso paintings at auction, 1963-1994," ULB Institutional Repository 2013/193273, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 27, pages 947-979, Elsevier.
- Vecco, Marilena & Zanola, Roberto, 2017. "Don’t let the easy be the enemy of the good. Returns from art investments: What is wrong with it?," Journal of Economic Behavior & Organization, Elsevier, vol. 140(C), pages 120-129.
- Fang Wang & Xu Zheng, 2018. "The comparison of the hedonic, repeat sales, and hybrid models: Evidence from the Chinese paintings market," Cogent Economics & Finance, Taylor & Francis Journals, vol. 6(1), pages 1443372-144, January.
- Heckman, James, 2013.
"Sample selection bias as a specification error,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
- Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-161, January.
- 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..
- David E. Andersson, 2000. "Hypothesis testing in hedonic price estimation - On the selection of independent variables," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 34(2), pages 293-304.
- Orley Ashenfelter & Kathryn Graddy, 2011.
"Sale Rates and Price Movements in Art Auctions,"
American Economic Review, American Economic Association, vol. 101(3), pages 212-216, May.
- Orley Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," Working Papers 23, Brandeis University, Department of Economics and International Businesss School.
- Orley Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," Working Papers 1294, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Ashenfelter, Orley C & Graddy, Kathryn, 2011. "Sale Rates and Price Movements in Art Auctions," CEPR Discussion Papers 8219, C.E.P.R. Discussion Papers.
- Orley C. Ashenfelter & Kathryn Graddy, 2011. "Sale Rates and Price Movements in Art Auctions," NBER Working Papers 16743, National Bureau of Economic Research, Inc.
- Corinna Czujack, 1997. "Picasso Paintings at Auction, 1963–1994," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 229-247, September.
- Heckman, James J, 1974. "Shadow Prices, Market Wages, and Labor Supply," Econometrica, Econometric Society, vol. 42(4), pages 679-694, July.
- repec:pri:cepsud:214ashenfelter is not listed on IDEAS
- John W. Galbraith & Douglas J. Hodgson, 2018. "Econometric Fine Art Valuation by Combining Hedonic and Repeat-Sales Information," Econometrics, MDPI, vol. 6(3), pages 1-15, June.
- Min Hwang & John M. Quigley, 2004.
"Selectivity, Quality Adjustment and Mean Reversion in the Measurement of House Values,"
The Journal of Real Estate Finance and Economics, Springer, vol. 28(2_3), pages 161-178, March.
- Hwang, Min & Quigley, John M., 2003. "Selectivity, Quality Adjustment and Mean Reversion in the Measurement of House Values," Berkeley Program on Housing and Urban Policy, Working Paper Series qt4045q0v3, Berkeley Program on Housing and Urban Policy.
- Fogarty, James J. & Sadler, Rohan, 2014. "To Save or Savor: A Review of Approaches for Measuring Wine as an Investment," Journal of Wine Economics, Cambridge University Press, vol. 9(3), pages 225-248, December.
- Christos Ioannidis & Mick Silver, 1999. "Estimating exact hedonic indexes: An application to UK television sets," Journal of Economics, Springer, vol. 69(1), pages 71-94, February.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Belma Öztürkkal & Aslı Togan-Eğrican, 2020. "Art investment: hedging or safe haven through financial crises," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(3), pages 481-529, September.
- Fedderke, Johannes W. & Chen, Tinghua, 2023. "Generalizing the “Masterpiece Effect” in fine art pricing: Quantile Hedonic regression results for the South African fine art market, 2009–2021," Economic Modelling, Elsevier, vol. 124(C).
- Penasse, J.N.G. & Renneboog, L.D.R., 2014.
"Bubbles and Trading Frenzies : Evidence from the Art Market,"
Other publications TiSEM
bf0d8984-df7f-4f02-afc7-3, Tilburg University, School of Economics and Management.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Other publications TiSEM 386dd5e7-e672-4d9d-829c-6, Tilburg University, School of Economics and Management.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Discussion Paper 2014-046, Tilburg University, Tilburg Law and Economic Center.
- Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Discussion Paper 2014-068, Tilburg University, Center for Economic Research.
- Victor Ginsburgh & Jianping Mei & Michael Moses, 2006. "On the computation of art indices in art," ULB Institutional Repository 2013/7290, ULB -- Universite Libre de Bruxelles.
- Prieto-Rodriguez, Juan & Vecco, Marilena, 2021. "Reading between the lines in the art market: Lack of transparency and price heterogeneity as an indicator of multiple equilibria," Economic Modelling, Elsevier, vol. 102(C).
- Piermassimo Pavese, 2007. "Hedonic Housing Price Indices: The Turinese Experience," Rivista di Politica Economica, SIPI Spa, vol. 97(6), pages 113-148, November-.
- Marinelli, Nicoletta & Palomba, Giulio, 2011.
"A model for pricing Italian Contemporary Art paintings at auction,"
The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 212-224, May.
- Nicoletta Marinelli & Giulio Palomba, 2009. "A Model for Pricing the Italian Contemporary Art Paintings at Auction," EHUCHAPS, in: Ignacio Díaz-Emparanza & Petr Mariel & María Victoria Esteban (ed.), Econometrics with gretl. Proceedings of the gretl Conference 2009, edition 1, chapter 7, pages 111-133, Universidad del País Vasco - Facultad de Ciencias Económicas y Empresariales.
- Nicoletta MARINELLI & Giulio PALOMBA, 2008. "A Model for Pricing the Italian Contemporary Art Paintings at Auction," Working Papers 316, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Garay, Urbi, 2021. "Determinants of art prices and performance by movements: Long-run evidence from an emerging market," Journal of Business Research, Elsevier, vol. 127(C), pages 413-426.
- Zanola, Roberto, 2007. "The Dynamics of Art Prices: The Selection Corrected Repeat-Sales Index," POLIS Working Papers 76, Institute of Public Policy and Public Choice - POLIS.
- Alan G Phipps & Dingding Li, 2019. "Calibration and evaluation of Quigley’s hybrid housing price model in Microsoft Excel," PLOS ONE, Public Library of Science, vol. 14(4), pages 1-18, April.
- Aubry, Mathieu & Kräussl, Roman & Manso, Gustavo & Spaenjers, Christophe, 2019. "Machine learning, human experts, and the valuation of real assets," CFS Working Paper Series 635, Center for Financial Studies (CFS).
- Petrov, Nikita & Ratnikova, Tatiana, 2017. "The price index for the paintings of Henri Matisse: The sensitivity to the method of construction and connection with stock market and art indices," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 47, pages 49-73.
- Michel Clement & Anke Lepthien & Tim Schulze, 2016. "Erfolgsfaktoren bei der Vermarktung von Kunst [Success Factors for Marketing of Arts]," Schmalenbach Journal of Business Research, Springer, vol. 68(4), pages 377-400, December.
- Jenny Rae Hawkins & Viplav Saini, 2014. "Returns on Indian Art during 2000-2013," ACEI Working Paper Series AWP-03-2014, Association for Cultural Economics International, revised Jun 2014.
- Fogarty, James Joseph & Sadler, Rohan, 2012. "To Save or Savour: A Review of Wine Investment," Working Papers 139663, University of Western Australia, School of Agricultural and Resource Economics.
- William Goetzmann & Liang Peng, 2003. "Estimating Indices in the Presence of Seller Reservation Prices," Yale School of Management Working Papers ysm352, Yale School of Management, revised 01 May 2003.
- Daniel Melser, 2023. "Selection Bias in Housing Price Indexes: The Characteristics Repeat Sales Approach," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(3), pages 623-637, June.
- Masset, Philippe & Weisskopf, Jean-Philippe, 2018. "Wine indices in practice: Nicely labeled but slightly corked," Economic Modelling, Elsevier, vol. 68(C), pages 555-569.
- David, Géraldine & Oosterlinck, Kim & Szafarz, Ariane, 2013.
"Art market inefficiency,"
Economics Letters, Elsevier, vol. 121(1), pages 23-25.
- Geraldine David & Kim Oosterlinck & Ariane Szafarz, 2013. "Art Market Inefficiency," Working Papers CEB 13-011, ULB -- Universite Libre de Bruxelles.
- Geraldine David & Kim Oosterlinck & Ariane Szafarz, 2013. "Art Market Inefficiency," ULB Institutional Repository 2013/145737, ULB -- Universite Libre de Bruxelles.
- Massimiliano Castellani & Pierpaolo Pattitoni & Antonello Eugenio Scorcu, 2018. "On the relationship between reserve prices and low estimates in art auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(1), pages 45-56, February.
More about this item
Keywords
Returns; Heckman; Picasso; Repeat sales; Hedonic prices;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:quaeco:v:85:y:2022:i:c:p:194-199. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620167 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.