Coefficients of housing attributes in most hedonic specifications are held constant under the assumption that each attribute has one unique marginal price throughout the entire market area. However, there’s increasing evidence that the marginal prices of some key housing attributes do vary according to particular systematic patterns. In this paper, we employed expansion methods by incorporating...

This study fills a void in the literature by providing the first evaluation of the impact of consumer ratings on beer prices using hedonic methods. Our work is based on a dataset consisting of over 400 beers and includes information on calorie content, alcohol content, user rating, and style for each beer. Our results indicate that a 10-point increase in consumer rating is associated with about...

Executive Summary. A hedonic regression model of rent values that is used to assess property values in Portland, Oregon, an urban area that has multi-centric rent gradients, is presented. The data consists of apartment rents, locations and other attributes, but a similar approach may be used to estimate the sale prices of homes or apartment buildings. Practitioners are encouraged to employ this...

The housing market in Chinese metropolises have become inflated significantly over the last decade. In addition to an economic upturn and housing policies that have potentially fueled the real estate bubble, factors that have contributed to the spatial heterogeneity of housing prices can be dictated by the amenity value in the proximity of communities, such as accessibility to business centers ...

This study focuses on explaining variations in real constant-quality house prices in jurisdictions located in multiple MSAs. Using a hedonic house price framework, we test competing theories of house price determination. Using two variants of the random coefficients model, we find that public school quality has a very large impact on real constant-quality house prices. Our results suggest that ...

Abstract: Using transaction level data for dwellings in Paris, France over the period 1986-92, we find evidence consistent with the hypothesis that economic fundamentals constrain movements in Parisian dwelling prices over longer term horizons. The conclusion is based on the results of two different procedures for estimating an error correction model of housing prices based on supply and demand...

In this article, the authors examine how consumer choice between hedonic and utilitarian goods is influenced by the nature of the decision task. Building on research on elaboration, the authors propose that the relative salience of hedonic dimensions is greater when consumers decide which of several items to give up (forfeiture choices) than when they decide which item to acquire (acquisition c...

Until recently the Consumer Price Index consisted solely of “matched model” component indexes. The latter are constructed by BLS personnel who visit stores and compare prices of goods with the same set of characteristics over successive periods. This procedure is subject to a selection bias. Goods that were not on the shelves in the second period, and hence whose price comparisons were discarde...

This paper estimates hedonic price models for a sample of 610 vacation rental houses located in the vicinity of a lake and four-season ski-golf resort. Hedonic semi-logarithmic regression models are estimated for peak summer and peak winter rentals for 2008. The regression estimates for weekly rental prices are conditioned on explanatory variables for house size, house quality, and recreation f...