The relevance of hedonic price indices The case of paintings
نویسندگان
چکیده
We argue that for the case of heterogeneous commodities with infrequent tradings, such as paintings, it is relevant to base a price index on hedonic regressions using all sales and not resales only. To support this conclusion we construct a price index for paintings by Impressionists and their followers and compare the various estimators using bootstrapping techniques. Published The Journal of Cultural Economics 20 (1996), 1-24. * We are grateful to W. Baumol, S. Bazen, R. Blundell, R. Davidson, A. Farber, Cl. Le Pen, M. Lubrano, P.-M. Menger, J. M. Montias, R. Moulin, M. Mougeot, J.-Cl. Passeron and M. Shubik for many useful comments, discussions and encouragements. Two referees provided extremely helpful suggestions which led us to a large number of revisions. The Musée Cantini (and especially Ms Creuset) and the Musée Longchamps in Marseilles were of great help in completing the data. Victor Ginsburgh acknowledges financial support from contract PAI n°26 from the Belgian Government as well as support from Université Libre de Bruxelles.
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