Average Derivative Estimation of Hedonic Price Models
Conventional parametric techniques for estimatinghedonic price models require a correct functionalform. In this paper, we side-step this parametricshortcoming by estimating a hedonic price model usingaverage derivative estimation (ADE). Thissemiparametric approach produces robust estimates ofthe marginal effects without assuming a specificfunctional form a priori. In our application ofthe model to a unique data set on Korean home prices,ADE produced estimates consistent with priorexpectations, providing initial evidence that themodel may represent a viable alternative when usingthe hedonic approach. Copyright Kluwer Academic Publishers 2000
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Volume (Year): 16 (2000)
Issue (Month): 1 (May)
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- Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
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- Cameron, Samuel & Collins, Alan, 1997. "Estimates of a Hedonic Ageing Equation for Partner Search," Kyklos, Wiley Blackwell, vol. 50(3), pages 409-418.
- Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
- 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..
- Powell, James L & Stock, James H & Stoker, Thomas M, 1989. "Semiparametric Estimation of Index Coefficients," Econometrica, Econometric Society, vol. 57(6), pages 1403-1430, November.
- Clark David E. & Nieves Leslie A., 1994. "An Interregional Hedonic Analysis of Noxious Facility Impacts on Local Wages and Property Values," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 235-253, November.
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