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Nonparametric estimation of a hedonic price function*

* This paper has been replicated

Author

Listed:
  • Daniel J. Henderson

    (Department of Economics, State University of New York at Binghamton, Binghamton, New York, USA)

  • Christopher F. Parmeter

    (Department of Agricultural and Applied Economics, Virginia Polytechnic Institute and State University, Blacksburg, Virginia, USA)

  • Subal C. Kumbhakar

    (Department of Economics, State University of New York at Binghamton, Binghamton, New York, USA)

Abstract

Rosen's (1974) theory of hedonic prices is implemented econometrically using recently developed nonparametric techniques to examine the influence of qualitative factors on the price of a house. Our ability to smooth categorical variables leads to greater generalization in the valuation process and provides a canvas for interactions between categorical and continuous variables that is difficult to exploit in parametric and semiparametric models. This is illustrated with a replication of a previously used partially linear model specification. Copyright © 2007 John Wiley & Sons, Ltd.

Suggested Citation

  • Daniel J. Henderson & Christopher F. Parmeter & Subal C. Kumbhakar, 2007. "Nonparametric estimation of a hedonic price function," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(3), pages 695-699.
    • Handle: RePEc:jae:japmet:v:22:y:2007:i:3:p:695-699
    DOI: 10.1002/jae.929
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    References listed on IDEAS

    as
    1. Robinson, Peter M, 1988. "Root- N-Consistent Semiparametric Regression," Econometrica, Econometric Society, vol. 56(4), pages 931-954, July.
    2. Pagan,Adrian & Ullah,Aman, 1999. "Nonparametric Econometrics," Cambridge Books, Cambridge University Press, number 9780521355643.
    3. Anglin, Paul M & Gencay, Ramazan, 1996. "Semiparametric Estimation of a Hedonic Price Function," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 633-648, Nov.-Dec..
    4. Clifford M. Hurvich & Jeffrey S. Simonoff & Chih‐Ling Tsai, 1998. "Smoothing parameter selection in nonparametric regression using an improved Akaike information criterion," Journal of the Royal Statistical Society Series B, Royal Statistical Society, vol. 60(2), pages 271-293.
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    Replication

    This item has been replicated by:
  • Harry Haupt & Joachim Schnurbus & Rolf Tschernig, 2010. "On nonparametric estimation of a hedonic price function," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(5), pages 894-901.

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