this paper examines the behavioral aspects of bidder conduct in on-line auctions. It utilizes price data from 113 on-line auctions, surveys of winning bidders, and draws upon the consumer behavior and auction’s literature to examine individual trait differences in shopping preferences that predict a buyer’s decision to use “strategic exit,” the fixed-price buy-it-Now (bIN) functionality. It arg...

Recent advances in the theoretical understanding of equilibria in property markets predict that the equilibrium hedonic price function will typically be highly nonlinear. Rather than adopting progressively more flexible econometric specifications to deal with this nonlinearity we adopt an alternative estimation strategy based on a further insight provided by the theoretical literature. That ins...

This paper computes a quality adjusted price index for the personal computer CPU from 1996 to 2000. The index is based on the pure characteristics demand model. I …rst compute the quality adjusted price index for the whole market, and show that it is very comparable with the hedonic price index but more sensitive to changes in product quality. Two types of the hedonic index are considered. One ...

Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central ten...

It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of au...

This study uses the hedonic approach to measure the amenity value of climate in Germany. Unlike in earlier research separate hedonic wage rate and house price regressions are estimated for relatively small geographic areas and formal tests undertaken to determine whether the coefficients describing the impact of climate variables are homogenous over these areas. The evidence suggests that house...

In this paper we attempt to replicate the results of an article (Anglin and Gençay 1996) published in this journal which applied semiparametric procedures to estimate a hedonic price function. To relax additional restrictive assumptions, we also employ a fully nonparametric model that captures nonlinearity in both continuous and categorical variables. We find that the nonparametric procedure gi...

Quantile hedonic house price function estimates imply that appreciation rates were higher between 1995 and 2005 for high-priced homes in Chicago. Decompositions of temporal changes in the house price distribution suggest that the types of homes sold and their location do not account for the change in the price distribution. Rather, higher appreciation rates for high-priced homes are explained b...

This paper proposes a price index for artists based on the ratio between the average market price and the average estimated price of the paintings sold by an artist each year, adjusted for market dynamics. We apply this methodology to a group of selected artists and schools drawing from a database including auction prices and estimated prices of paintings presented in auctions world wide betwee...