Sample Selection Bias and Time Instability of Hedonic Art Price Indexes
Alan Collins (),
Antonello Scorcu () and
Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna
The uniqueness of art objects need to be taken into account in the construction of any art market price index. Yet the most widely used methods typically rely on biased samples, discarding a very large proportion of the information available (the repeated sales approach) and/or require strong assumptions regarding the structure and time stability of the market (the hedonic regression approach). In this paper a refined hedonic index is developed that explicitly addresses these problems. An empirical illustration comparing these methods is presented using a dataset of symbolist paintings appearing at auction over the period 1990-2001.
New Economics Papers: this item is included in nep-cul
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:610
Access Statistics for this paper
More papers in Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna Contact information at EDIRC.
Bibliographic data for series maintained by Dipartimento Scienze Economiche, Universita' di Bologna ().