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Hedonic models can accommodate non-linearity, variable interaction, and other complex valuation situations. Hedonic models are commonly used in real estate appraisal, real estate economics and Consumer Price Index (CPI) calculations. In CPI calculations, hedonic regression is used to control the effect of changes in product quality.
There are several ways the hedonic price indexes can be constructed. Following Triplett, [9] two methods can be distinguished—direct and indirect. The direct method uses only information obtained from the hedonic regression, while the second method combines information derived from the hedonic regression and matched models (traditional price indexes).
Hedonic pricing is a model that uses regression analysis to isolate the value of a specific intangible cost or benefit. It is based on the premise that that price is determined by both internal characteristics and external factors. [ 22 ]
A house price index (HPI) measures the price changes of residential housing as a percentage change from some specific start date (which has an HPI of 100). Methodologies commonly used to calculate an HPI are hedonic regression (HR), simple moving average (SMA), and repeat-sales regression (RSR).
Alternatively, a hedonic pricing model can be regressed. Movement of the supply curve to increased supply leads to reduced price and increased quantity equilibrium. The long-run price elasticity of supply is quite high. George Fallis (1985) estimates it as 8.2, but in the short run, supply tends to be very price-inelastic.
“Using Econometrics and Geographic Information Systems for Property Valuation: A Spatial Hedonic Pricing Model,” co-authors Richard Bernknopf, Kevin Gillen and Anne Wein, Visual Valuation: Implementing Valuation Modeling and Geographic Information Solutions, eds. Mark R. Linne and Michelle Thompson, Chicago: Appraisal Institute, August 2010.
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The annual percent change in the US Consumer Price Index for All Urban Consumers is one of the most common metrics for price inflation in the United States. The United States Consumer Price Index (CPI) is a family of various consumer price indices published monthly by the United States Bureau of Labor Statistics (BLS). The most commonly used ...