JdS2012


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Functional form influence on imputed hedonic elementary price indices: evidence from the Zurich housing market
Schöni, Olivier
Universtié de Fribourg

The present paper empirically investigates the influence of the hedonic regression functional form on the computation of hedonic imputed price indices. This purpose is achieved by comparing an hedonic elementary price index obtained by means of a linear regression model with another elementary hedonic price index resulting from a nonparametric regression model. In particular, the out-of-sample prediction accuracy of the considered models is assessed by means of a 10-fold cross validation procedure, and the resulting hedonic imputed price indices are then compared in light of the prediction performance of their underlying hedonic regression models.