Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
10
1.Hedonicpricemethods
-mentionedfacttheproblemofqualitydifferenceisimmanentfeatureoftheprice
measurementprocessonmarketsofsuchcommoditiesasrealestatesorused
cars.Forexample,theredonotexisttwoidenticalpropertiesontheapartments
marketduetothefactthatthepricesonthismarketarehighlyinfluencedby
neighbourhood-relatedandlocation-relatedattributes,1aswellasfinancing-
relatedissues,whichfortwoapartmentsareneverexactlythesame.Similarly,
onusedautomobilesmarketseventwovehiclesidenticalinbrand,model,engine
power,productionyearandaccessoryfeatureshavenon-identicalusagehistory,2
whichmaybehighlyinfluentialontheprice.
1.2.Hedonicmodelanditsapplications
Thefoundationsofhedonicmethodsareformedbytheso-calledhedonic
hypothesiswhichstatesthatheterogeneouscommoditiesarecharacterizedby
asetofrelativelyhomogeneousattributes(characteristics)relevantbothfrom
thepointofviewofthecustomerandtheproducer.Foragivengooddescribed
bymattributesthissetmaybeformallywrittenasavectorX:
𝑋=[𝑥1,…,𝑥𝑚]𝑇.
Moreover
,itisassumedthatthereexistsarelationshipbetweenthepriceof
agoodanditssignificantcharacteristics,whichmaybedescribedbyacertain
functionfcalledthehedonicfunction.Thecommonlyusedmethodforobtaining
hedonicfunctionistheapplicationofregressionmodelofageneralform
[Brachinger2002]:
𝑃=𝑓(𝑋,𝛽,𝜀),
where:P-price,β-vectorofparameters,ɛ-errorterm.
Animportantelementinhedonicmodellingisthenotionofhedonicprice(also
calledimplicitprice).Hedonicpriceh
kofacertainattributex
kisdefinedasapart
ofthepricewhichcorrespondstothisattribute.Formallyhedonicpricecanbe
expressedasthepartialderivativeofhedonicregression:
ℎ𝑘=
𝜕𝑥𝑘
𝜕𝑃
.
1
2
Theexamplesofsuchattributesarethedistancefromcitycentertotheapartment,
thequalityofairinthevicinityoftherealestate,accessibilityofrecreationalandgreen
areas,tonamejustafew.
Thismayincludesuchcharacteristicsasmileage,registration,servicing,numberofpre-
viousowners,numberofaccidents,etc.
