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On nonparametric estimation of a hedonic price function

✍ Scribed by Professor Harry Haupt; Joachim Schnurbus; Rolf Tschernig

Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
194 KB
Volume
25
Category
Article
ISSN
0883-7252

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

Recently, using mixed data on Canadian housing, Parmeter, Henderson, and Kumbhakar (Journal of Applied Econometrics 2007; 22: 695–699) found that a nonparametric approach for estimating a hedonic house price function is superior to formerly suggested parametric and semiparametric specifications. We carefully reanalyze these specifications for this dataset by applying a recent nonparametric specification test and simulation‐based prediction comparisons. For the case at issue our results suggest that a previously proposed parametric specification does not have to be rejected and we illustrate how nonparametric methods provide valuable insights during all modeling steps. Copyright Β© 2010 John Wiley & Sons, Ltd.

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