This paper investigates the validity of Islamic art as an investment product. We examine the current and future market potential, as well as, performing a hedonic regression analysis on London auction sales from 1998 to 2007. The main findings of the research are; Islamic art returns out performed both the equity and debt markets over the last 10 years; increases in oil prices have a positive e...

The Australian wine auction market is characterised by large variations in price between different vintages of the same wine, relative to the initial release prices of those wines. This paper addresses the question: to what extent can we anticipate the future price of such icon wines from information available at the time of release? A hedonic model is estimated to explain the variation in pric...

We model a hedonic price function for housing as an additive nonparametric regression. Estimation is done via a back ̄tting procedure in combination with a local polynomial estimator. It avoids the pitfalls of an unrestricted nonparametric estimator, such as slow convergence rates and the curse of dimensionality. Bandwidths are chosen via a novel plug in method that minimizes the asymptotic mean...

Abstract This paper investigates the relative importance of various attributes, including varietal, brands, and geographic origin, in explaining retail wine prices for United States market. We use a metric based on Shapely value, from cooperative game theory, context an empirical hedonic price equation estimated using large sample sales home consumption over period 2007–2019. find that brands a...

A new heteroskedastic hedonic regression model is suggested. It takes into account time-varying volatility and is applied to a blue chips art market. Furthermore, a nonparametric local likelihood estimator is used. This estimator is more precise than the often used dummy variables method. The empirical analysis reveals that errors are considerably non-Gaussian, and that a student distribution w...

The goal of this paper is to analyze the effect of wildfire hazard risk on residential housing prices in Colorado Springs, Colorado. How does the risk of wildfire impact transaction values, and do buyers and sellers in the residential housing market accurately capitalize their perception of low probability events such as wildfires into the price of a house? Working within the hedonic property m...

The establishment of European monetary union (EMU) was widely expected to cause price convergence among member states. In an investigation of this claim, the present study avoids problems of comparability and representativeness by using an extremely detailed and comprehensive scanner database on washing machine prices and sales volumes for 17 European countries. A hedonic regression yields coun...

A new heteroskedastic hedonic regression model is suggested. It takes into account time-varying volatility and is applied to a blue chips art market. Furthermore, a nonparametric local likelihood estimator is used. This estimator is more precise than the often used dummy variables method. The empirical analysis reveals that errors are considerably non-Gaussian, and that a student distribution w...

This paper examines exchange rate pass-through in the automobile markets of twelve European Union countries. Using retail prices for individual car models for the 1993-96 period our estimates are based on a hedonic pricing framework which controls for model specific characteristics. Pass-through is found to be significantly below fifty percent in all countries. There is no evidence that either ...

This paper develops a welfare theoretic framework for interpreting evidence on the impacts of public programs on housing markets. We extend Rosen’s hedonic model to explain how housing prices capitalize exogenous shocks to local public goods and externalities. The model predicts that trading between heterogeneous buyers and sellers will drive a wedge between these “capitalization effects” and w...