The relevance of hedonic price indices

Olivier CHANEL, Louis-André Gérard-Varet and Victor A. Ginsburgh ()

Journal of Cultural Economics, 1996, vol. 20, issue 1, pages 1-24

Abstract: We argue that for the case of heterogeneous commodities with infrequent tradings, such as paintings, it is relevant to base a price index on hedonic regressions using all sales and not resales only. To support this conclusion we construct a price index for paintings by Impressionists and their followers and compare the various estimators using bootstrapping techniques. Copyright Kluwer Academic Publishers 1996

Keywords: price index; heterogeneous commodities; returns on art investment (search for similar items in EconPapers)
Date: 1996
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