Introduction

Andrea Baranzini, José V. Ramirez, Caroline Schaerer and Philippe Thalmann
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José V. Ramirez: Geneva School of Business Administration
Caroline Schaerer: Geneva School of Business Administration

A chapter in Hedonic Methods in Housing Markets, 2008, pp 1-12 from Springer

Abstract: In the 1920s, possibly even a decade earlier, agricultural economists started to explain unit land prices by regressing them on property attributes (Colwell and Dilmore 1999). Well known is Frederick Waugh’s (1928) regression of the prices of different types of asparagus on their color, diameter and homogeneity, with a view to helping farmers produce the quality demanded by the market. He found that Bostonians wanted green asparagus. More influential was the study by Andrew Court (1939), who had been mandated by General Motors to defend the company against Congress’ accusations of monopolistic price pushing, after the U.S. Department of Labor Bureau of Labor Statistics (BLS) price index for cars had grown by 45% between 1925 and 1935. Court was probably the first to estimate a quality-adjusted price index on the basis of the hedonic price (HP) model. He found that car prices had actually declined by 55% over that period for the same quality.

Keywords: Geographic Information System; Housing Price; Housing Market; Hedonic Price; Aircraft Noise (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-0-387-76815-1_1

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