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1.2.Hedonicmodelanditsapplications
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Thereforeitispossibletointerprethedonicmodelasanaggregatefunctionwhich
producesthepriceofagoodbyitsdecompositionintoimplicitpricesandthe
quantitiesofvariouscharacteristicsspecificforcertainvariantofthecommodity.
Thetheoryofhedonicmodels,whichisbasedonthemodificationoftheclassical
consumertheorypresentedbyK.J.Lancaster[1966]anditsfurtherdevelopment
byS.Rosen[1974]doesnotspecifypreciselyhowtherelationshipbetweenthe
priceofagoodanditscharacteristicsshouldbedescribed.Itstates,however
,
thathedonicmodelshouldreflectboththesupplyandthedemandsideof
theheterogeneousgoodmarket.Therefore,theshapeofthehedonicmodelis
influencedbymanycommoditiesmanufacturersofvarioussizes,competitive
powerandmarketstrategies.Onthedemandside,hedonicfunctionisformed
bynumerousconsumersofvariouspreferencesforparticularvariantsof
commoditiesanduniqueutilityfunctions.Itisworthnoticingthatalthough
hedonicfunctionbearsacertainsimilaritytotheutilityfunction,itisnotidentical
withit.Bothfunctionssharethesamesetofindependentvariables(commodities’
characteristicssignificanttotheconsumers)butingeneral,itisnotpossibleto
derivetheformofhedonicfunctionfromtheclassicalassumptionsoftheutility
theory(asthisisinthecaseofutilityfunction).Thereforetherearenotheoretical
groundsinfavourofacertainfunctionalformofhedonicregression.3Inempirical
research,thisproblemisaddressedeitherbytheaprioriassumptionofsome
convenientfunctionalformorbyapplicationsuchfunctionalformwhichfitsthe
databestandisappropriatefortheappointedresearchgoals.Table1.1presents
thecommonlyusedfunctionalformsofhedonicregression.
Table1.1.Functionalformsofhedonicregression
Linear
Logarithmic
Exponential
Power
Function
𝑃=𝛽0�exp(𝛽𝑘𝑥𝑘)
𝑃=𝛽0+�𝛽𝑘ln𝑥𝑘
𝑃=𝛽0+�𝛽𝑘𝑥𝑘
𝑃=𝛽0�𝑥𝑘𝛽𝑘
Equation
𝑘=1
𝑚
𝑘=1
𝑘=1
𝑚
𝑚
𝑘=1
𝑚
ln𝑃=ln𝛽0+�𝛽𝑘ln𝑥𝑘
ln𝑃=ln𝛽0+�𝛽𝑘𝑥𝑘
Transformation
–
–
𝑘=1
𝑚
𝑘=1
𝑚
Hedonicprice
𝛽𝑘
𝑥𝑘
𝛽𝑘𝑃
𝛽𝑘
𝛽𝑘
𝑥𝑘
𝑃
Source:Ownelaborationbasedon[Brachinger2002]and[Triplett2006].
3
Comprehensiveexplanationofthisfactmaybefoundin[Triplett2006]and[Diewert
2003].
