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

Seung Hoon Yoo

doi:10.1080/135048501750041303

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

Seung Hoon Yoo

Dept. of Future Energy Convergence

Research output: Contribution to journal › Article › peer-review

17 Scopus citations

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.

Original language	English
Pages (from-to)	55-58
Number of pages	4
Journal	Applied Economics Letters
Volume	8
Issue number	1
DOIs	https://doi.org/10.1080/135048501750041303
State	Published - Jan 2001

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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.",

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AB - 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.

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

Abstract

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