Convenient links for the estimation of hedonic price indexes: the case of unique, infrequently traded assets

Esmeralda Ramalho () and Joaquim Ramalho ()

Statistica Neerlandica, 2014, vol. 68, issue 2, 91-117

Abstract: type="main">

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.

Date: 2014
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Working Paper: Convenient links for the estimation of hedonic price indexes: the case of unique, infrequently traded assets (2014)
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