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A robust estimation of hedonic price models: least absolute deviations estimation

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  • Seung-Hoon Yoo

Abstract

Conventional parametric estimation of the hedonic price models is not robust to heteroscedastic and/or non-normal error structure. This paper applies least absolute deviations (LAD) estimation as a robust approach to estimating the hedonic price models, using the Korea housing markets data. The paper finds that LAD estimation produces more reasonable results and that it proves robust in a situation where other estimation results based on various functional form models produce inaccurate or misleading results.

Suggested Citation

  • Seung-Hoon Yoo, 2001. "A robust estimation of hedonic price models: least absolute deviations estimation," Applied Economics Letters, Taylor & Francis Journals, vol. 8(1), pages 55-58.
    • Handle: RePEc:taf:apeclt:v:8:y:2001:i:1:p:55-58
    DOI: 10.1080/135048501750041303
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    Citations

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    Cited by:

    1. Ju-Hee Kim & Young-Kuk Kim & Seung-Hoon Yoo, 2023. "Does Proximity to a Power Plant Affect Housing Property Values of a City in South Korea? An Empirical Investigation," Energies, MDPI, vol. 16(4), pages 1-14, February.
    2. Kim, Ju-Hee & Lim, Seul-Ye & Yoo, Seung-Hoon, 2023. "Does district heating affect residential property prices? Case study of an urban area in South Korea," Utilities Policy, Elsevier, vol. 83(C).
    3. Are Oust & Simen N. Hansen & Tobias R. Pettrem, 2020. "Combining Property Price Predictions from Repeat Sales and Spatially Enhanced Hedonic Regressions," The Journal of Real Estate Finance and Economics, Springer, vol. 61(2), pages 183-207, August.
    4. Tomson Ogwang & Baotai Wang, 2003. "A Hedonic Price Function for a Northern BC Community," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 61(3), pages 285-296, March.
    5. Barajas, Angel, 2004. "Modelo de valoración de clubes de fútbol basado en los factores clave de su negocio [Valuation model for football clubs based on the key factors of their business]," MPRA Paper 13158, University Library of Munich, Germany.

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