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Semiparametric estimation of a hedonic price function

✍ Scribed by Paul M. Anglin; Ramazan Gençay

Publisher
John Wiley and Sons
Year
1996
Tongue
English
Weight
909 KB
Volume
11
Category
Article
ISSN
0883-7252

No coin nor oath required. For personal study only.

✦ Synopsis

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 several common specification tests, before showing that a semiparametric model outperforms it significantly. In addition to estimating the model, we compare the predictions of the models by deriving the distribution of the predicted log (price) and then calculating the associated prediction intervals. Our data show that the semiparametric model provides more accurate mean predictions than the benchmark parametric model.

' Coulson (1989), Colwell(l993) and Arguea and Hsiao (1993) present some hypotheses based on arbitrage opportunities.

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