## 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
Estimation of hedonic price functions with incomplete information
β Scribed by Subal C. Kumbhakar; Christopher F. Parmeter
- Publisher
- Springer-Verlag
- Year
- 2009
- Tongue
- English
- Weight
- 336 KB
- Volume
- 39
- Category
- Article
- ISSN
- 0377-7332
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π SIMILAR VOLUMES
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
## Abstract Recently, using mixed data on Canadian housing, Parmeter, Henderson, and Kumbhakar (__Journal of Applied Econometrics__ 2007; **22**: 695β699) found that a nonparametric approach for estimating a hedonic house price function is superior to formerly suggested parametric and semiparametri
Both statistical appraisal and hedonic pricing models decompose houses into a set of individual characteristics. Regression estimates yield the contribution of each characteristic to total value. Unfortunately, straightforward application of OLS may produce untenable results such as implausible coef