頁籤選單縮合
題 名 | Specification of the Hedonic Price Model for Taipei Housing Market |
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作 者 | Chang,Horng Jinh; Lee,Yueh Hua; | 書刊名 | International Journal of Information and Management Sciences |
卷 期 | 10:4 1999.12[民88.12] |
頁 次 | 頁1-13 |
分類號 | 554.89 |
關鍵詞 | Hedonic model; Housing market; Box-cox transformation; |
語 文 | 英文(English) |
英文摘要 | This paper attempts to search for an appropriate specification of the hedonic price function for housing market, and discuses the misspecification biases resulted from functional forms and omitted variables. The data from Taipei, Taiwan provides an empirical evidence on market parameters describing the hedonic relationships for housing. Maximum likelihood Box-Cox analysis is used to search for the best hedonic price specification, which yields a transformation of λ=0.18 for the dependent variable and θ=1 for continuous independent variables. The functional forms most commonly used in previous studies, such as linear and log-linear ones, are biased in estimating the prices of houses. Furthermore, it is found that the omitted variables have the effect on the estimated hedonic prices. |
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