Comparing the Housing Implicit Prices of Restricted and Unrestricted Hedonic Price Models

2019 ◽  
Vol 54 (6) ◽  
pp. 80-88
Author(s):  
Wonseok Seo
Keyword(s):  
Hedonic Price ◽  
Hedonic Price Models ◽  
Implicit Prices

Do implicit prices show differences in tourists’ valuation on hotel attributes in different time periods and different markets? A case of Beijing

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tiancheng Shang ◽  
Kaiti Shang ◽  
Peihong Liu ◽  
Xiaotong Sun ◽  
Xinxin Li
Keyword(s):  
Design Methodology ◽  
Central Business District ◽  
Hedonic Price ◽  
Revenue Optimization ◽  
Content Type ◽  
Hedonic Price Models ◽  
Time Periods ◽  
Implicit Prices ◽  
Business District ◽  
The Relationship

Purpose The purpose of this paper is to analyze the implicit prices of hotel attributes in different time periods and different markets. Design/methodology/approach With data from the travel meta-search engine, this paper chose 3- to 5-star hotels in Beijing’s central business district and use hedonic price models. Findings The results suggest that the attributes with significant implicit prices differ in different time periods; the same attributes with different implicit prices in different time periods; the same attributes with different implicit prices in different market segments. Originality/value This study may help to explain the different findings on the relationship between the attributes and room rates of Chinese star-rated hotels in different time periods, and will be useful in both revenue optimization efforts and the design of new hotels projects.

Hedonic Price Analysis in Food Markets

2011 ◽  
pp. 151-180 ◽  
Author(s):  
Marco Costanigro ◽  
Jill J. Mccluskey
Keyword(s):  
Large Data ◽  
Data Sets ◽  
Hedonic Price ◽  
Long Term Effects ◽  
Food Markets ◽  
Regulatory Policies ◽  
Hedonic Price Analysis ◽  
Trade Offs ◽  
Price Relationship ◽  
Implicit Prices

This article presents the basic theory of hedonic modeling, its empirical application and relevance, and the principal limitations and challenges. Agricultural economists have long utilized the hedonic price relationship, and the hedonic price technique has been utilized to estimate the implicit prices of attributes for numerous food products. It provides a framework of the hedonic models that can be used to quantify the long-term effects of exogenous shocks on quality, or implementation of regulatory policies. This article discusses the whole armamentarium of econometric models and methods familiar to applied economists, including parametric, semi-parametric, and non-parametric approaches. The objective is to describe briefly each econometric model within the hedonic context and provide an understanding of the implications and trade-offs inherent to the choice of each alternative. This is a fruitful area of research with increased customization of products and the increasing availability of large data sets.

Modeling Urban Systems

2012 ◽  
pp. 322-351 ◽  
Author(s):  
John D. Landis
Keyword(s):  
Land Use ◽  
Urban Growth ◽  
Travel Behavior ◽  
Growth Models ◽  
Urban Systems ◽  
Economic Base ◽  
Hedonic Price ◽  
Hedonic Price Models ◽  
Different Types ◽  
Behavior Models

This article examines the different types of urban model used in urban planning in North America, and to a lesser extent, in Europe, Asia, and South Americam, which include the population-projection models, economic base models, hedonic price models, and travel-behavior models. It describes emerging procedures such as land-use change and urban-growth models, and looks at Charles Tiebout's model of efficient public choice and Thomas Schelling's model of spatial segregation.

scholarly journals Flooding risks and housing markets: a spatial hedonic analysis for La Plata City

2016 ◽  
Vol 21 (4) ◽  
pp. 464-489 ◽  
Author(s):  
Mariano Javier Rabassa ◽  
Juan Ignacio Zoloa
Keyword(s):  
Housing Markets ◽  
Hedonic Price ◽  
La Plata ◽  
Hedonic Price Models ◽  
Flooding Event ◽  
Hydraulic Infrastructure ◽  
Real Estate Prices ◽  
Spatial Hedonic Price Models ◽  
The City ◽  
La Plata City

AbstractOn 2 April 2013 a major flood struck the City of La Plata, Argentina, killing 89 people and displacing thousands of others. That event, the worst flood the city has suffered in the past 100 years, prompted plans for a new hydraulic infrastructure. Although such an investment is necessary, little is known about its benefits. This paper intends to shed some light on this issue by estimating the willingness to pay to avoid the risk of experiencing a flooding event. For this purpose, we have taken thousands of real estate prices in the La Plata Metropolitan Area and combined them with a high-resolution flood risks map to estimate spatial hedonic price models. The results show significant price discounting for properties in flood-prone areas.

The Cost of Certainty in Natural Resource Damage Assessment Under the Oil Pollution Act of 19901

2001 ◽  
Vol 2001 (1) ◽  
pp. 231-234 ◽  
Author(s):  
James Robert Greene
Keyword(s):  
Natural Resources ◽  
Natural Resource ◽  
Oil Pollution ◽  
Hedonic Price ◽  
The Public ◽  
Hedonic Price Models ◽  
Habitat Equivalency Analysis ◽  
Natural Resource Damage Assessment ◽  
Scaling Methods ◽  
The Cost

ABSTRACT Pursuant to the Oil Pollution Act of 1990 (OPA 90), natural resource trustees are empowered to seek recovery for damages to natural resources caused by discharges of oil and/or certain threats of discharges of oil. To determine the proper amount of damages, trustees undertake the process of “scaling,” which is an attempt to calculate the size of restoration actions that would be required to expedite recovery of injured natural resources to baseline and compensate the public for interim lost resources and services. Trustees utilize various scaling methods, including service-to-service methods, such as habitat equivalency analysis, and value-to-value methods, such as hedonic price models and contingent valuation. Regardless of the method chosen, however, the scaling is directly dependent on the level of injury caused by a spill. Disputes between trustees and those parties designated as responsible for the spill (responsible parties or RPs) often occur in determining the level of injury. In many cases, as a result of either these disputes or the trustees' desire to determine the precise level of injury, trustees undertake costly and time-consuming injury studies. These studies oftentimes are inefficient because the resulting gains in certainty often are achieved through disproportionately expensive studies relative to the resulting gains in restoration. In certain instances, attempts to achieve greater certainty can destroy an otherwise efficient and cooperative restoration effort and run contrary to the OPA 90 regulations. Such attempts also can lead to costly litigation for both the public and the RP involved. Lastly, attempts to achieve greater certainty during injury assessment can unnecessarily increase the scale of compensatory restoration because of delays in implementing restoration actions. Both trustees and RPs must recognize those instances in which achieving greater certainty leads to increased costs to both the public and the RP. In such situations, stipulating to certain injury assumptions can lead to overall net gains for both the public and the RP. These stipulations can be used to induce RPs to increase other aspects of the restoration, thereby increasing overall gains for the public at less cost to the RP.

scholarly journals Wine price determinants. Is there a homogeneous international standard?

2021 ◽  
Vol 10 (1) ◽  
pp. 33-55
Author(s):  
Tânia Gonçalves ◽  
João Rebelo ◽  
Lina Lourenço-Gomes ◽  
José Caldas
Keyword(s):  
Regression Models ◽  
Hedonic Price ◽  
Grape Variety ◽  
Alcohol Content ◽  
Price Variation ◽  
Variation Data ◽  
Price Determinants ◽  
Main Determinants ◽  
Implicit Prices ◽  
Price Functions

This article presents an international comparison of the main determinants of wine prices in specialist online wine shops. Hedonic price functions were estimated for 9624 wines spread among four datasets from France, Italy, Germany and Australia. To explain price variation data was collected on wine classification, closure type, wine origin, medals or awards, vintage, alcohol content, color, and grape variety. Results from quantile regression models show that the wine vintage is a common price driver in all markets and quantiles. A quite similar effect was found for alcohol content. In terms of color, the implicit prices for red and white wines are also structurally different between countries, particularly in origin, blend, closure, awards and age. Thus, the markets should be assumed as heterogeneous, and the extrapolation of the results from one market to another may lead to erroneous management decisions. 

Sign in / Sign up

Export Citation Format

Share Document