Average derivative estimation of hedonic price models

    Authors

    J. Lee; S. J. Kwak;J. A. List

    Comments

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    Abbreviated Journal Title

    Environ. Resour. Econ.

    Keywords

    average derivative estimation; hedonic price models; semiparametric; estimation; FUNCTIONAL FORM; CHOICE; EQUATIONS; MARKETS; Economics; Environmental Studies

    Abstract

    Conventional parametric techniques for estimating hedonic price models require a correct functional form. In this paper, we side-step this parametric shortcoming by estimating a hedonic price model using average derivative estimation (ADE). This semiparametric approach produces robust estimates of the marginal effects without assuming a specific functional form a priori. In our application of the model to a unique data set on Korean home prices, ADE produced estimates consistent with prior expectations, providing initial evidence that the model may represent a viable alternative when using the hedonic approach.

    Journal Title

    Environmental & Resource Economics

    Volume

    16

    Issue/Number

    1

    Publication Date

    1-1-2000

    Document Type

    Article

    Language

    English

    First Page

    81

    Last Page

    91

    WOS Identifier

    WOS:000086322300006

    ISSN

    0924-6460

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