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Nonparametric estimation of a hedonic price function

✍ Scribed by Christopher F. Parmeter; Daniel J. Henderson; Subal C. Kumbhakar

Publisher
John Wiley and Sons
Year
2007
Tongue
English
Weight
73 KB
Volume
22
Category
Article
ISSN
0883-7252

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✦ Synopsis

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 process and provides a canvas for interactions between categorical and continuous variables that is difficult to exploit in parametric and semiparametric models. This is illustrated with a replication of a previously used partially linear model specification. Copyright Β© 2007 John Wiley & Sons, Ltd.

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