The comparison of the hedonic, repeat sales, and hybrid models: Evidence from the Chinese paintings market

Fang Wang and Xu Zheng

Cogent Economics & Finance, 2018, vol. 6, issue 1, 1443372

Abstract: With the objective of evaluating the accuracy of price index models, we adopt a series of techniques to compares the performances of the hedonic, repeat sales, and hybrid models based on the data from the Chinese most representative painter, Qi Baishi during the period from 2000 to 2016. When applying the mean squared error (MSE) technique, the repeat sales model outperforms alternative models. However, according to the correlations and width confidence intervals, the hybrid model provides the most reliable estimates of price indices. The study also shows that the repeat sales model obtains relatively a lower total return estimate as well as a higher volatility than other two models. Our findings have important implications in identifying the precision of index models and provide supplements to art investment studies..

Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://hdl.handle.net/10.1080/23322039.2018.1443372 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:oaefxx:v:6:y:2018:i:1:p:1443372

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/OAEF20

DOI: 10.1080/23322039.2018.1443372

Access Statistics for this article

Cogent Economics & Finance is currently edited by Steve Cook, Caroline Elliott, David McMillan, Duncan Watson and Xibin Zhang

More articles in Cogent Economics & Finance from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().