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Hedonic price index estimation under mean-independence of time dummies from quality characteristics

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  • Yasushi Kondo
  • Myoung-jae Lee

Abstract

. In addition to these, several interesting practical lessons are noted in doing the two-stage PLR model estimation. First, the cross validation (CV) used in the PLR model literature can fail if the mean-independence is ignored. Second, high order kernels can make the CV criterion function ill behaved. Third, product kernels work as well as spherically symmetric kernels. Fourth, nonparametric specification tests may work poorly due to a sample splitting problem with outliers in the data or due to choosing more than one bandwidth; in this regard, a test suggested by Stute (1997) and Stute et al. (1998) is recommended. Copyright Royal Economic Society, 2003

Suggested Citation

  • Yasushi Kondo & Myoung-jae Lee, 2003. "Hedonic price index estimation under mean-independence of time dummies from quality characteristics," Econometrics Journal, Royal Economic Society, vol. 6(1), pages 28-45, June.
    • Handle: RePEc:ect:emjrnl:v:6:y:2003:i:1:p:28-45
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    Cited by:

    1. Bontemps, Christophe & Simioni, Michel & Surry, Yves R., 2005. "Hedonic Housing Prices and Agricultural Pollution: An Empirical Investigation on Semiparametric Models," 2005 Annual meeting, July 24-27, Providence, RI 19547, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Christophe Bontemps & Michel Simioni & Yves Surry, 2008. "Semiparametric hedonic price models: assessing the effects of agricultural nonpoint source pollution," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(6), pages 825-842.
    3. Hans R.A. Koster & Jos N. van Ommeren & Piet Rietveld, 2010. "The Gains of Trains: The effect of station openings on house prices," Tinbergen Institute Discussion Papers 10-094/3, Tinbergen Institute, revised 12 Sep 2012.

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