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Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches

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  • Cropper, Maureen L, et al

Abstract

This paper compares, via simulation, the performance of the multinomial logit and hedonic models in estimating consumer preferences for product attributes. The authors ascribe preferences over the attributes of houses to a population of consumers and, by having them bid for a set of houses, calculate equilibrium prices. The resulting data are used to estimate the two models. Coauthors are Leland Deck, Nalin Kishor, and Kenneth E. McConnell. Copyright 1993 by MIT Press.

Suggested Citation

  • Cropper, Maureen L, et al, 1993. "Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 225-232, May.
  • Handle: RePEc:tpr:restat:v:75:y:1993:i:2:p:225-32
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    Cited by:

    1. Anne Beeson Royalty, "undated". "A Discrete Choice Approach to Estimating Workers' Marginal Valuation of Fringe Benefits," Working Papers 98008, Stanford University, Department of Economics.
    2. Richards, Timothy J. & Patterson, Paul M. & Hamilton, Stephen F., 2007. "Fast Food, Addiction, and Market Power," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 32(03), December.
    3. Jérôme Massiani, 2008. "Can we use hedonic pricing to estimate freight value of time?," EERI Research Paper Series EERI_RP_2008_08, Economics and Econometrics Research Institute (EERI), Brussels.
    4. Votsis, Athanasios, 2014. "Ecosystems and the spatial morphology of urban residential property value: a multi-scale examination in Finland," MPRA Paper 53742, University Library of Munich, Germany.
    5. Palmquist, Raymond B., 2006. "Property Value Models," Handbook of Environmental Economics,in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 16, pages 763-819 Elsevier.
    6. Patrick Bayer & Fernando Ferreira & Robert McMillan, 2007. "A Unified Framework for Measuring Preferences for Schools and Neighborhoods," Journal of Political Economy, University of Chicago Press, vol. 115(4), pages 588-638, August.
    7. Satoshi Nakano & Kazuhiko Nishimura, 2013. "Welfare gain from quality and price development in the Japan’s LCD TV market," Journal of Evolutionary Economics, Springer, vol. 23(4), pages 889-908, September.
    8. Earnhart, Dietrich, 2002. "Combining Revealed and Stated Data to Examine Housing Decisions Using Discrete Choice Analysis," Journal of Urban Economics, Elsevier, vol. 51(1), pages 143-169, January.
    9. Chattopadhyay, Sudip, 2000. "The effectiveness of McFaddens's nested logit model in valuing amenity improvement," Regional Science and Urban Economics, Elsevier, vol. 30(1), pages 23-43, January.
    10. H. Spencer Banzhaf & V. Kerry Smith, 2007. "Meta-analysis in model implementation: choice sets and the valuation of air quality improvements," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(6), pages 1013-1031.
    11. Christopher Timmins, 1999. "Estimating the Amenity Costs of Global Warming in Brazil: Getting the Most from Available Data," Working Papers 809, Economic Growth Center, Yale University.
    12. N. Jonker, 2001. "Constructing Quality Adjusted Price Indexes: a Comparison of Hedonic and Discrete Choice Models," WO Research Memoranda (discontinued) 673, Netherlands Central Bank, Research Department.
    13. James R. Meldrum, 2016. "Floodplain Price Impacts by Property Type in Boulder County, Colorado: Condominiums Versus Standalone Properties," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 725-750, August.
    14. Wiktor L. Adamowicz & Klaus Glenk & Jürgen Meyerhoff, 2014. "Choice modelling research in environmental and resource economics," Chapters,in: Handbook of Choice Modelling, chapter 27, pages 661-674 Edward Elgar Publishing.
    15. Basil Sharp & Michael Krausse, "undated". "Measuring Environmental Effects On Property Values: Analysis of Spatially Variable Relationships," Regional and Urban Modeling 283600087, EcoMod.
    16. H. Allen Klaiber & V. Kerry Smith, 2009. "Evaluating Rubin's Causal Model for Measuring the Capitalization of Environmental Amenities," NBER Working Papers 14957, National Bureau of Economic Research, Inc.
    17. Cristián Mardones, 2006. "Impacto de la Percepción de la Calidad del Aire sobre el Precio de las Viviendas en Concepción-Talcahuano, Chile," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(128), pages 301-330.
    18. Pendleton, Linwood, 1999. "Reconsidering the hedonic vs. RUM debate in the valuation of recreational environmental amenities," Resource and Energy Economics, Elsevier, vol. 21(2), pages 167-189, May.
    19. John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
    20. Linwood Pendleton & Robert Mendelsohn, 2000. "Estimating Recreation Preferences Using Hedonic Travel Cost and Random Utility Models," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 17(1), pages 89-108, September.
    21. M. Du Preez & M.C. Sale, 2012. "Determining the impact of low-cost housing development on nearby property prices using discrete choice analysis," Working Papers 265, Economic Research Southern Africa.

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