Sample Selection Bias and Time Instability of Hedonic Art Price Indexes

Collins, Alan ; Scorcu, Antonello Eugenio ; Zanola, Roberto (2007) Sample Selection Bias and Time Instability of Hedonic Art Price Indexes. Bologna: Dipartimento di Scienze economiche DSE, p. 19. DOI 10.6092/unibo/amsacta/4642. In: Quaderni - Working Paper DSE (610). ISSN 2282-6483.
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Abstract

The uniqueness of art objects need to be taken into account in the construction of any art market price index. Yet the most widely used methods typically rely on biased samples, discarding a very large proportion of the information available (the repeated sales approach) and/or require strong assumptions regarding the structure and time stability of the market (the hedonic regression approach). In this paper a refined hedonic index is developed that explicitly addresses these problems. An empirical illustration comparing these methods is presented using a dataset of symbolist paintings appearing at auction over the period 1990-2001.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Collins, Alan
Scorcu, Antonello Eugenio
Zanola, Roberto
Keywords
paintings; hedonic price; price index
Subjects
ISSN
2282-6483
DOI
Deposit date
24 Feb 2016 16:25
Last modified
24 Feb 2016 16:25
URI

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