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Price hedonics: a critical review

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  • Charles R. Hulten

Abstract

This paper was presented at the conference \\"Economic Statistics: New Needs for the Twenty-First Century,\\" cosponsored by the Federal Reserve Bank of New York, the Conference on Research in Income and Wealth, and the National Association for Business Economics, July 11, 2002. The main objective of this paper is to make a start in the evaluation of price hedonics. The author describes the hedonic model and reviews its main uses, because the credibility of price hedonics depends in part on the current state of academic research. This is a brief overview. The author then turns to some of the standard criticisms of price hedonics and moves into the uncharted waters of the political economy of price measurement.

Suggested Citation

  • Charles R. Hulten, 2003. "Price hedonics: a critical review," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 5-15.
    • Handle: RePEc:fip:fednep:y:2003:i:sep:p:5-15:n:v.9no.3
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    References listed on IDEAS

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    1. Ernst R. Berndt & Neal J. Rappaport, 2001. "Price and Quality of Desktop and Mobile Personal Computers: A Quarter-Century Historical Overview," American Economic Review, American Economic Association, vol. 91(2), pages 268-273, May.
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    Cited by:

    1. Diewert, Erwin, 2019. "Quality Adjustment and Hedonics: A Unified Approach," Microeconomics.ca working papers erwin_diewert-2019-2, Vancouver School of Economics, revised 14 Mar 2019.
    2. In Joon Kim & Geun Yong Kim & Juhyun Yoon, 2004. "Estimation of the Tenants' Benefits Residing in Public Rental Housing with Unit Size Constraint in Korea," Urban Studies, Urban Studies Journal Limited, vol. 41(8), pages 1521-1536, July.
    3. Nauro F. Campos & Renata Leite Barbosa, 2009. "Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions," Oxford Economic Papers, Oxford University Press, vol. 61(1), pages 28-51, January.
    4. G Baltas & C Saridakis, 2010. "Measuring brand equity in the car market: a hedonic price analysis," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(2), pages 284-293, February.
    5. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    6. Mathilde Poulhes, 2017. "From Latin Quarter to Montmartre Investigating Parisian Real-Estate Prices," Working Papers 2017-13, Center for Research in Economics and Statistics.
    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. Marco Valente, 2012. "Evolutionary demand: a model for boundedly rational consumers," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 1029-1080, November.
    9. Hussein, Mohamud & Fraser, Iain & Costanigro, Marco, 2016. "Hedonic Analysis of Origin of Meat In The United Kingdom," 90th Annual Conference, April 4-6, 2016, Warwick University, Coventry, UK 236353, Agricultural Economics Society.

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