scholarly journals Hedonic Price Function for Residential Area Focusing on the Reasons for Residential Preferences in Japanese Metropolitan Areas

2018 ◽  
Vol 11 (3) ◽  
pp. 39 ◽  
Author(s):  
Mitsuru Sasaki ◽  
Kayoko Yamamoto
Keyword(s):  
Metropolitan Areas ◽  
Great Emphasis ◽  
Hedonic Price ◽  
Residential Areas ◽  
Significance Level ◽  
Explanatory Variables ◽  
Residential Preferences ◽  
Price Function ◽  
Hedonic Price Function ◽  
Regional Vulnerability

This study aims to offer a new estimate of the hedonic price function of residential areas in Japanese metropolitan areas, focusing on the reasons for residential preferences. More specifically, it introduces two new explanatory variables—‘regional vulnerability’ and ‘accessibility to destination stations’—and determines their usefulness. Based on the evaluation done in this study, the hedonic price function mentioned above showed 60% interpretability (as compared to 52% interpretability by hedonic price function using only conventional explanatory variables.) In addition, the significance level of both the explanatory variables was low, and the land price changed by 9% as the regional vulnerability changed by 1 grade. Furthermore, residents placed great emphasis on both variables. This made it evident that the introduction of the two explanatory variables that reflect the reasons for residential preferences specific to Japanese metropolitan areas was reasonable.

What Determines Port Wine Prices?

2007 ◽  
Vol 2 (2) ◽  
pp. 203-212 ◽  
Author(s):  
Rui Couto Viana ◽  
Lúcia Lima Rodrigues
Keyword(s):  
Jel Classification ◽  
Hedonic Price ◽  
Port Wine ◽  
Cross Sectional ◽  
Firm Reputation ◽  
Market Prices ◽  
Large Sample ◽  
Price Function ◽  
Hedonic Price Function ◽  
Port Wines

AbstractIn this study, we estimate a cross-sectional hedonic price function for Port wines in order to determine the price influence of several Port wine characteristics. Drawing on a large sample of more than 14,000 sales from the biggest Port wine firms we find that market prices can be explained by objective characteristics such as age, type of Port and type of brand appearing on the bottle label and subjective characteristics such as firm reputation. The Port type is the main price determinant. (JEL Classification: C21, Q11)

scholarly journals On nonparametric estimation of a hedonic price function

2010 ◽  
Vol 25 (5) ◽  
pp. 894-901 ◽  
Author(s):  
Harry Haupt ◽  
Joachim Schnurbus ◽  
Rolf Tschernig
Keyword(s):  
Nonparametric Estimation ◽  
Hedonic Price ◽  
Price Function ◽  
Hedonic Price Function

Hedonic Analysis of Housing Sales Prices with Semiparametric Methods

2017 ◽  
Vol 8 (2) ◽  
pp. 65-77 ◽  
Author(s):  
Vincenzo Del Giudice ◽  
Benedetto Manganelli ◽  
Pierfrancesco De Paola
Keyword(s):  
Semiparametric Regression ◽  
Prediction Performance ◽  
Parametric Models ◽  
Hedonic Price ◽  
Hedonic Analysis ◽  
Price Function ◽  
Penalized Spline ◽  
Price Prediction ◽  
Hedonic Price Function ◽  
Penalized Spline Smoothing

This study estimates a hedonic price function using a semiparametric regression based on Penalized Spline Smoothing, and compares the price prediction performance with conventional parametric models. The excellent results obtained show that the semiparametric models allow to obtain a significant improvement in the prediction of housing sales prices.

The Value of Information for Selected Appliances

1980 ◽  
Vol 17 (1) ◽  
pp. 14-25 ◽  
Author(s):  
Brian T. Ratchford
Keyword(s):  
Value Of Information ◽  
Preference Function ◽  
Hedonic Price ◽  
Price Function ◽  
Hedonic Price Function ◽  
Extensive Search

A model expressing the relation between gains to search and a consumer's preference function is developed. For four of five appliances to which the model was applied, extensive search would not be worthwhile for a consumer whose preferences approximate the market hedonic price function.

Property valuation: the hedonic pricing model: the application of search-and-matching models

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Gaetano Lisi
Keyword(s):  
Hedonic Pricing ◽  
Matching Theory ◽  
Hedonic Price ◽  
Search And Matching ◽  
Pricing Models ◽  
Content Type ◽  
Price Function ◽  
Hedonic Price Function ◽  
Search And Matching Models ◽  
Matching Models

PurposeThe aim of this education briefing is to comment upon how basic hedonic pricing models for the valuation of property can be expanded and developed. In this case, the briefing illustrates the use of the new economic approach to the analysis of housing markets, namely the search-and-matching models.Design/methodology/approachThis education briefing discusses the connection of two important economic theories: the hedonic price theory and the search-and-matching theory.FindingsThis education briefing gives an example of a (non-linear) form of the hedonic price function.Practical implicationsIn cases of mass appraisals, hedonic pricing models can provide a broad indication of value across submarkets and this education briefing demonstrates a theoretical model that can be used to provide a theoretical groundwork for the use of a concave hedonic price function in empirical estimates.Originality/valueThis education briefing shows how basic hedonic pricing models can be enhanced by a search-and-matching approach to determine property values.

Hedonic price function estimation in economics and marketing: revisiting Lancaster’s issue of “noncombinable” goods

2008 ◽  
Vol 173 (1) ◽  
pp. 145-161 ◽  
Author(s):  
Ruben Chumpitaz ◽  
Kristiaan Kerstens ◽  
Nicholas Paparoidamis ◽  
Matthias Staat
Keyword(s):  
Function Estimation ◽  
Hedonic Price ◽  
Price Function ◽  
Hedonic Price Function

Market values for olive oil attributes in Chile: a hedonic price function

2015 ◽  
Vol 117 (1) ◽  
pp. 358-370 ◽  
Author(s):  
Rodrigo Romo Muñoz ◽  
Mario Lagos Moya ◽  
José M. Gil
Keyword(s):  
Olive Oil ◽  
Emerging Market ◽  
Hedonic Pricing ◽  
Model Estimation ◽  
Hedonic Price ◽  
Content Type ◽  
Price Function ◽  
Market Values ◽  
Hedonic Price Function ◽  
The City

Purpose – Focused on the olive oil sector in Chile which is a non-traditional market (both in production and consumption), the purpose of this paper is to determine the implicit value of the most relevant attributes of olive oil on the final price charged by supermarkets to consumers through the hedonic pricing methodology. Design/methodology/approach – Field work was carried out between September and October 2012 in 12 supermarkets belonging to the four most important Chilean retail chains. A log-linear price-attribute function was used to estimate the hedonic price function. The sample included 248 observations olive oil prices available to consumers in the leading supermarkets in the city of Chillán (Chile). Findings – The model estimation results led to the observation that the attributes that most positively influenced final price are oil acidity level, tin can container of imported oil, and origin. On the other hand, the attributes that most negatively influenced final consumer price are retailer house brand and plastic container. Research limitations/implications – A limitation of this study is associated with the geographic area where it was carried out, that is, the city of Chillán in the Bío-Bío Region, which is the second largest region and accounts for 12 per cent of the total population. Further research should include other cities such as Santiago (capital), Concepción, Curicó and Valparaíso. Originality/value – This study can be considered as a first approximation of a hedonic pricing model estimation for olive oil in non-traditional markets like Chile, which is considered an emerging market.

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