A robust estimation of hedonic price models: least absolute deviations estimation

Seung-Hoon Yoo ()

Applied Economics Letters, 2001, vol. 8, issue 1, 55-58

Abstract: Conventional parametric estimation of the hedonic price models is not robust to heteroscedastic and/or non-normal error structure. This paper applies least absolute deviations (LAD) estimation as a robust approach to estimating the hedonic price models, using the Korea housing markets data. The paper finds that LAD estimation produces more reasonable results and that it proves robust in a situation where other estimation results based on various functional form models produce inaccurate or misleading results.

Date: 2001
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DOI: 10.1080/135048501750041303

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