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Publicação
Convenient links for the estimation of hedonic price indexes: the case of unique, infrequently traded assets
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Orientador(es)
Resumo(s)
Hedonic methods are a prominent approach in the construction of quality-adjusted price indexes. This paper shows that the process of computing such indexes is substantially simplified if arithmetic (geometric) price indexes are computed based on exponential (log-linear) hedonic functions estimated by the Poisson pseudo maximum likelihood (ordinary least squares) method. A Monte Carlo simulation study based on housing data illustrates the convenience of the links identified and the very attractive properties of the Poisson estimator in the hedonic framework.
Descrição
Palavras-chave
Hedonic Price Indexes Quality Adjustment Retransformation House Prices Exponential Regression Poisson Pseudo-Maximum Likelihood
Contexto Educativo
Citação
Ramalho, Esmeralda A. and Joaquim J.S. Ramalho. (2014). “Convenient links for the estimation of hedonic price indexes: the case of unique, infrequently traded assets”. Statistica Neerlandica, Vol. 68, No. 2: pp. 91–117. (Search PDF in 2023).
Editora
John Wiley & Sons Ltd.