Choice of functional form for hedonic price equations
β Scribed by Robert Halvorsen; Henry O. Pollakowski
- Book ID
- 116088902
- Publisher
- Elsevier Science
- Year
- 1981
- Tongue
- English
- Weight
- 654 KB
- Volume
- 10
- Category
- Article
- ISSN
- 0094-1190
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π SIMILAR VOLUMES
## 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
Previous work on the preferred specification of hedonic price models usually recommended a Box-Cox model. In this paper we note that any parametric model involves implicit restrictions and they can be reduced by using a semiparametric model. We estimate a benchmark parametric model which passes seve