Nonparametric estimation of a hedonic price function

Daniel Henderson (), Christopher Parmeter and Subal Kumbhakar

Journal of Applied Econometrics, 2007, vol. 22, issue 3, 695-699

Abstract: Rosen's (1974) theory of hedonic prices is implemented econometrically using recently developed nonparametric techniques to examine the influence of qualitative factors on the price of a house. Our ability to smooth categorical variables leads to greater generalization in the valuation process and provides a canvas for interactions between categorical and continuous variables that is difficult to exploit in parametric and semiparametric models. This is illustrated with a replication of a previously used partially linear model specification. Copyright © 2007 John Wiley & Sons, Ltd.

Date: 2007
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DOI: 10.1002/jae.929

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