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The relevance of hedonic price indices

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  • CHANEL, O.
  • GÉRARD-VARET, L.-A.
  • GINSBURGH, V.

Abstract

We argue that for the case of heterogeneous commodities with infrequent tradings, such as paintings, it is relevant to base a price index on hedonic regressions using all sales and not resales only. To support this conclusion we construct a price index for paintings by Impressionists and their followers and compare the various estimators using bootstrapping techniques. Copyright Kluwer Academic Publishers 1996
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Suggested Citation

  • Chanel, O. & Gã‰Rard-Varet, L.-A. & Ginsburgh, V., 1996. "The relevance of hedonic price indices," CORE Discussion Papers RP 1222, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1222
    Note: In : The case of paintings. Journal of Cultural Economics, 20, 1-24, 1996
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    File URL: http://dx.doi.org/10.1007/s10824-005-1024-3
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    9. Werner Pommerehne & Lars Feld, 1997. "The Impact of Museum Purchase on the Auction Prices of Paintings," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 249-271, September.
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    13. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    14. Fama, Eugene F, 1991. " Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-1617, December.
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