House Price Measurement: The Hybrid Hedonic Repeat-Sales Method

This article supplements James Hansen's (2009) recent article on the measurement of house prices in Australia. It provides a specific outline of the hybrid hedonic repeat-sales measure, a model which combines the hedonic and repeat-sales approaches examined in Hansen.     

Hedonic Price Analysis and Selectivity Bias

Hedonic valuation of quality attributes can be misleading when theassumption that these attributes are exogenous to sample selection isviolated. This paper considers the simultaneity between hedonic valuationand sample selection in the context of a model of producer behavior andinvestigates empirically the case where land is demanded for use as an inputeither in agricultural production or in touristic development. The empiricalanalysis suggests that failing to correct for sample selection results in abiased valuation of the effect of water salinity on agricultural land.     

基于特征价格与SVM的二手房价格评估

二手房价格的准确衡量一直是个永恒的话题。为了避免传统评估方法的不足,更加合理地预测二手房价格,引入特征价格理论和支持向量机理论(SVM),以杭州市西湖区内的二手房价格数据,构建价格评估模型,实证研究表明具有良好的评估效果。     

Average Derivative Estimation of Hedonic Price Models

Conventional parametric techniques for estimatinghedonic price models require a correct functionalform. In this paper, we side-step this parametricshortcoming by estimating a hedonic price model usingaverage derivative estimation (ADE). Thissemiparametric approach produces robust estimates ofthe marginal effects without assuming a specificfunctional form a priori. In our application ofthe model to a unique data set on Korean home prices,ADE produced estimates consistent with priorexpectations, providing initial evidence that themodel may represent a viable alternative when usingthe hedonic approach.     

特征价格模型的发展应用研究

特征价格模型因为其完美的理论思想而成为国际上普遍使用的分析异质品价格和特征关系的主要方法.本文通过对国外核心期刊上一百五十二篇特征价格法相关文献的检阅,梳理了国内外特征价格模型及指数编制的研究现状,对特征价格模型的功能进行了总结性定位,认为特征价格模型的功能主要在于:异质品价格指数的编制,异质品价格预测、价值评估或产品定价,异质品价格影响因素分析,非市场因素的经济效应的检验及对传统经济学模型的改进五方面.文章最后以住宅为例,归纳总结了特征价格法在研究应用中存在的主要问题:一是市场细分;二是特征变量选择和量化;三是模型形式选择;四是模型估计方法的研究;五是指数编制中的问题.这些研究对象为未来特征价格的研究提供了可行参考.     

价格指数编制中的Hedonic质量调整方法研究

质量调整是价格指数构建中最重要的实践问题之一,它是决定价格指数精确性的关键问题,同时也是目前价格指数编制中最难以解决的问题.统计学家和经济学家提出了许多不同的质量调整方法,其中,Hedonic质量调整方法受到了广泛关注,越来越多的统计机构在编制价格指数时开始使用Hedonic质量调整方法.本文考察了Hedonic方法的理论框架和实施步骤,介绍了Hedonic方法在国外价格指数编制中的应用情况,从多个角度对Hedonicp方法进行了分析与讨论,并对Hedonic方法在中国的应用前景进行了探讨.     

Welfare Measurement and Measurement Error

The approximate effects of measurement error on a variety of measures of inequality and poverty are derived. They are shown to depend on the measurement error variance and functionals of the error–contaminated income distribution, but not on the form of the measurement error distribution, and to be accurate within a rich class of error–free income distributions and measurement error distributions. The functionals of the error–contaminated income distribution that approximate the measurement error induced distortions can be estimated. So it is possible to investigate the sensitivity of welfare measures to alternative amounts of measurement error and, when an estimate of the measurement error variance is available, to calculate corrected welfare measures. The methods are illustrated in an application using Indonesian household expenditure data.     

基于特征价格模型的农村集体建设用地流转价格影响因素研究

采用特征价格模型,判别区位特征和产权特征对农村集体建设用地流转价格的影响程度,深入探究农村集体建设流转市场建立的障碍因素。模拟结果显示:区位因素中,繁华程度、道路通达度、农民人均纯收入、基础设施完善度提高1%,农村集体建设用地流转价格分别提高11.3%、10.1%、7.3%、5.9%;产权因素中的使用权能、处置权能、占有权能的完整,集体建设用地流转价格分别提高40.8%、13.4%、8.1%。农村集体建设用地流转市场建立过程中,政策上要从提高农民生产、生活水平和完善社会保障制度着手,逐步改善农村集体建设用地条件,并从法律上明晰农村集体建设用地使用权,赋予占有、使用和处置权能,依靠市场经济手段,激活农村闲置集体建设用地。     

The Amenity Value of English Nature: A Hedonic Price Approach

Using a hedonic property price approach, we estimate the amenity value associated with proximity to habitats, designated areas, domestic gardens and other natural amenities in England. There is a long tradition of studies looking at the effect of environmental amenities and disamenities on property prices. But, to our knowledge, this is the first nationwide study of the value of proximity to a large number of natural amenities in England. We analysed 1 million housing transactions over 1996–2008 and considered a large number of environmental characteristics. Results reveal that the effects of many of these environmental variables are highly statistically significant, and are quite large in economic magnitude. Gardens, green space and areas of water within the census ward all attract a considerable positive price premium. There is also a strong positive effect from freshwater and flood plain locations, broadleaved woodland, coniferous woodland and enclosed farmland. Increasing distance to natural amenities such as rivers, National Parks and National Trust sites is unambiguously associated with a fall in house prices. Our preferred regression specifications control for unobserved labour market and other geographical factors using Travel to Work Area fixed effects, and the estimates are fairly insensitive to changes in specification and sample. This provides some reassurance that the hedonic price results provide a useful representation of the values attached to proximity to environmental amenities in England. Overall, we conclude that the housing market in England reveals substantial amenity value attached to a number of habitats, designations, private gardens and local environmental amenities.     

基于享乐价格理论的旅游产品定价研究

基于享乐价格理对旅游景区的价格竞争力进行分析。首先根据旅游产品的特性构建景区价格评价体系,同时对分析指标进行分类量化;其次利用SPSS 17.0对所研究的旅游景区的面板数据进行多元回归分析,构建最优享乐价格模型。研究得出的结论为:景区林木覆盖率,水质,气候,景区基础设施,服务环境,景区级别,景区面积,导游受教育程度,景区的审美价值可以用来较好的解释景区的价格竞争力问题。     

Wine Quality and Varietal, Regional and Winery Reputations: Hedonic Prices for Australia and New Zealand

We estimate hedonic price functions for premium wine from Australia and New Zealand, differentiating implicit prices for sensory quality ratings, wine varieties and regional as well as winery brand reputations over the vintages 1992–2000. The results show regional reputations have become increasingly differentiated through time (although less so for New Zealand). In particular, cool-climate regions are becoming increasingly preferred over other regions in Australia. In each country, price premia associated with both James Halliday's and Winestate magazine's sensory quality ratings, and with Halliday's winery ratings and classic wine designations, are highly significant.     

写字楼租金差异的特征价格分析——基于杭州的实证研究

写字楼作为商业地产的重要组成,已成为当前投资开发的热点,写字楼租金的研究也越来越具有实践意义。本文在文献回顾的基础上,采用特征价格方法,对我国浙江省杭州市写字楼市场进行实证研究。研究结果表明,距市中心距离/次级市场、建筑年龄、建筑形象等因素对写字楼租金具有显著影响,但影响机理异于国外的经验研究;建筑面积、楼层数等变量的影响不显著,这也异于已有的经验研究。后续研究可从研究对象、研究样本、变量选取与度量等方面深入改进。     

Productivity Dispersion and Measurement Error

Several reasons have been put forward to explain the high dispersion of productivity across establishments: quality of management, different input usage and market distortions, to name but a few. Although it is acknowledged that a sizable portion of productivity dispersion may also be due to measurement error, little research has been devoted to identifying how much they contribute. We outline a novel procedure for identifying the role of measurement error in explaining the empirical dispersion of productivity across establishments. The starting point of our framework is the errors-in-variable model consisting of a measurement equation and a structural equation for latent productivity. We estimate the variance of the measurement error and subsequently estimate the variance of the latent productivity variable, which is not contaminated by measurement error. Using Norwegian data on the manufacture of food products, we find that about one percent of the measured dispersion stems from measurement error.     

Effects of Appliance Standards on Product Price and Attributes: An Hedonic Pricing Model

The tradeoffs between energy efficiency gains and product attributes as a result of the implementation of federal energy performance standards are examined. Hedonic pricing relationships are used to estimate changes in standardized marginal attribute prices for freezer volumes, food volumes, and annual energy consumption for refrigerators and refrigerator/freezers. From 1987/88 to 1993, energy performance standards significantly reduced energy consumption and at the same time, a historical decline in "quality-adjusted" real prices continued without disruption and consumers appeared to experience a welfare gain as a result of improving levels of energy efficiency.     

Using Scanner Data to Estimate Country Price Parities: A Hedonic Regression Approach

This paper uses scanner data from the bar-code readers of retailers to provide estimates of inter-country price parities at the level of the basic heading. The use of such data is appealing given its extensive coverage of transactions, information on weights, prices and characteristics of items at a highly detailed level. The study uses dummy variable hedonic and exact/superlative hedonic index number formulations applied to an inter-country context for both bilateral and multilateral comparisons. Unlike conventional methods, such methods are not confined to matched samples comparisons and thus make use of the entire sample. Their application extends to price survey data using checklists on characteristics. The application is to scanner data on about 1 million transactions for television sets over two months in three countries. It is, to the authors' knowledge, the first such use of scanner data and application of the above hedonic frameworks in this context.     

Risk and Information: a Hedonic Price Study in the New Zealand Housing Market*

This paper employs the hedonic price approach developed by Rosen (1974) and recently extended to study the effects of potential natural hazards on consumer behaviour. Hedonic prices are used to estimate home buyers' willingness to pay to avoid a high-pressure gas pipeline installed in a residential area Studies of risk and information (e.g. Brookshire et al., 1985, Smith and Johnson, 1988) suggest that the subjective probability of a hazard occurring differs from the objective probability. If we allow for this, and relax the assumption of full information on the part of home buyers, our theoretical analysis indicates that a single hedonic price is not sufficient because hedonic prices are likely to change with a change in information. Our empirical analysis of cross-sectional data across time is in accord with the theoretical model, although not highly significant     

特征价格指数编制研究——我国计算机硬盘价格实证分析

文章首先讨论特征价格指数编制理论,具体阐述了特征价格指数的三种编制方法:通过特征价格函数直接编制的方法,引入时间虚拟变量的方法,以及特征质量调整的方法。最后以2005年1月至2006年12月我国计算机硬盘价格为例,编制并实证了我国计算机硬盘特征价格指数,并分析硬盘价格的变化趋势。     

An Application of the Hedonic Price Model to the Perth Residential Land Market*

This paper presents the results of an application of the Rosen-Freeman hedonic price model to the Perth (Western Australia) residential land market. A sample of over two thousand market transactions is used to estimate the value of residential land attributes. Major emphasis is given to those particular land attributes that are subject to public regulation and to the policy implications that follow.     

Measurement Error Models with Auxiliary Data

We study the problem of parameter inference in (possibly non-linear and non-smooth) econometric models when the data are measured with error. We allow for arbitrary correlation between the true variables and the measurement errors. To solve the identification problem, we require the existence of an auxiliary data-set that contains information about the conditional distribution of the true variables given the mismeasured variables. Our main assumption requires that the conditional distribution of the true variables given the mismeasured variables is the same in the primary and auxiliary data. Our methods allow the auxiliary data to be a validation sample, where the primary and validation data are from the same distribution, and more importantly, a stratified sample where the auxiliary data-set is not from the same distribution as the primary data. We also show how to combine the two data-sets to obtain a more efficient estimator of the parameter of interest. We establish the large sample properties of the sieve based estimators under verifiable conditions. In particular, we allow for the mismeasured variables to have unbounded supports without employing the tedious trimming scheme typically used in kernel based methods. We illustrate our methods by estimating a returns to schooling censored quantile regression using the CPS/SSR 1978 exact match files where the dependent variable is measured with error of arbitrary kind.     

Measurement Error in Education and Growth Regressions*

The use of the perpetual inventory method for the construction of education data per country leads to systematic measurement error. This paper analyzes its effect on growth regressions. We suggest a methodology for correcting this error. The standard attenuation bias suggests that using these corrected data would lead to a higher coefficient. Our regressions reveal the opposite. We discuss why this is the case.