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Semiparametric Estimation of a Hedonic Price Function

Paul Anglin and Ramazan Gencay

Journal of Applied Econometrics, 1996, vol. 11, issue 6, 633-48

Abstract: Previous work on the preferred specification of hedonic price models usually recommended a Box-Cox model. In this paper we note that any parametric model involves implicit restrictions and they can be reduced by using a semiparametric model. We estimate a benchmark parametric model which passes several common specification tests, before showing that a semiparametric model outperforms it significantly. In addition to estimating the model, we compare the predictions of the models by deriving the distribution of the predicted log(price) and then calculating the associated prediction intervals. Our data show that the semiparametric model provides more accurate mean predictions than the benchmark parametric model. Copyright 1996 by John Wiley & Sons, Ltd.

Date: 1996
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