Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia
Hedonic pricing models use property value differentials to value changes in environmental quality. If unmeasured quality attributes of residential properties are correlated with an environmental quality measure of interest, conventional methods for estimating implicit prices will be biased. Because...
- Autores:
-
Carriazo Osorio, Fernando
Ready, Richard
Shortle, James S.
- Tipo de recurso:
- Work document
- Fecha de publicación:
- 2011
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/8228
- Acceso en línea:
- http://hdl.handle.net/1992/8228
- Palabra clave:
- Hedonic pricing model
Omitted variables
Air quality
Frontier model
Precios - Modelos econométricos - Bogotá (Colombia) - Estudio de casos
Calidad del aire - Bogotá (Colombia)
Modelos económicos - Investigaciones - Bogotá (Colombia)
Q51, Q53
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Carriazo Osorio, Fernando0d3379a0-53d8-4b4f-9375-49d13bbb65d8500Ready, Richardc3ef0af7-57cf-4e5b-ac4b-3427728cc536500Shortle, James S.52d2274e-c425-4671-983d-19094b7329335002018-09-27T16:51:25Z2018-09-27T16:51:25Z20111657-5334http://hdl.handle.net/1992/82281657-719110.57784/1992/8228instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Hedonic pricing models use property value differentials to value changes in environmental quality. If unmeasured quality attributes of residential properties are correlated with an environmental quality measure of interest, conventional methods for estimating implicit prices will be biased. Because many unmeasured quality measures tend to be asymmetrically distributed across properties, it may be possible to mitigate this bias by estimating a heteroskedastic frontier regression model. This approach is demonstrated for a hedonic price function that values air quality in Bogotá, Colombia.Los modelos de precios hedónicos utilizan diferenciales en el precio de las propiedades para estimar cambios en la calidad ambiental. Si los atributos no cuantificados de las viviendas están correlacionados con una medida de calidad ambiental de interés, los métodos convencionales para estimar precios implícitos serían sesgados. Debido a que muchas medidas no cuantificadas de la calidad de la vivienda tienden a presentar una distribución asimétrica entre las propiedades, puede ser posible mitigar este sesgo estimando un modelo de regresión de frontera heteroscedástico. La implementación de este modelo se muestra para una función de precios hedónicos que valora calidad del aire en Bogotá, Colombia.30 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 11 Marzo de 2011https://ideas.repec.org/p/col/000089/008736.htmlUsing frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, ColombiaUsando modelos de frontera para mitigar sesgo de variables omitidas en modelos de precios hedónicos : un estudio de caso para calidad de aire en Bogotá, ColombiaDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPHedonic pricing modelOmitted variablesAir qualityFrontier modelPrecios - Modelos econométricos - Bogotá (Colombia) - Estudio de casosCalidad del aire - Bogotá (Colombia)Modelos económicos - Investigaciones - Bogotá (Colombia)Q51, Q53Facultad de EconomíaPublicationTHUMBNAILdcede2011-11.pdf.jpgdcede2011-11.pdf.jpgIM Thumbnailimage/jpeg4496https://repositorio.uniandes.edu.co/bitstreams/c6acb002-a594-4313-bcff-5df4bd942789/downloadd6dbbcd726963f674bf42106de5924d1MD55TEXTdcede2011-11.pdf.txtdcede2011-11.pdf.txtExtracted texttext/plain49822https://repositorio.uniandes.edu.co/bitstreams/31fd0853-f23e-4a1a-92b1-d96fed60c52a/downloadecc38b8ffb4d79ab99dd4941e23ba4ddMD54ORIGINALdcede2011-11.pdfdcede2011-11.pdfapplication/pdf4189875https://repositorio.uniandes.edu.co/bitstreams/329185f1-31e4-46e8-80a4-be2efe7935b7/download77021bcf56e043f17661be8f7ed71422MD511992/8228oai:repositorio.uniandes.edu.co:1992/82282024-06-04 15:46:11.052http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |
| dc.title.none.fl_str_mv |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| dc.title.alternative.none.fl_str_mv |
Usando modelos de frontera para mitigar sesgo de variables omitidas en modelos de precios hedónicos : un estudio de caso para calidad de aire en Bogotá, Colombia |
| title |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| spellingShingle |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia Hedonic pricing model Omitted variables Air quality Frontier model Precios - Modelos econométricos - Bogotá (Colombia) - Estudio de casos Calidad del aire - Bogotá (Colombia) Modelos económicos - Investigaciones - Bogotá (Colombia) Q51, Q53 |
| title_short |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| title_full |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| title_fullStr |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| title_full_unstemmed |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| title_sort |
Using frontier models to mitigate omitted variable bias in hedonic pricing models : a case study for air quality in Bogotá, Colombia |
| dc.creator.fl_str_mv |
Carriazo Osorio, Fernando Ready, Richard Shortle, James S. |
| dc.contributor.author.none.fl_str_mv |
Carriazo Osorio, Fernando Ready, Richard Shortle, James S. |
| dc.subject.keyword.none.fl_str_mv |
Hedonic pricing model Omitted variables Air quality Frontier model |
| topic |
Hedonic pricing model Omitted variables Air quality Frontier model Precios - Modelos econométricos - Bogotá (Colombia) - Estudio de casos Calidad del aire - Bogotá (Colombia) Modelos económicos - Investigaciones - Bogotá (Colombia) Q51, Q53 |
| dc.subject.armarc.none.fl_str_mv |
Precios - Modelos econométricos - Bogotá (Colombia) - Estudio de casos Calidad del aire - Bogotá (Colombia) Modelos económicos - Investigaciones - Bogotá (Colombia) |
| dc.subject.jel.none.fl_str_mv |
Q51, Q53 |
| description |
Hedonic pricing models use property value differentials to value changes in environmental quality. If unmeasured quality attributes of residential properties are correlated with an environmental quality measure of interest, conventional methods for estimating implicit prices will be biased. Because many unmeasured quality measures tend to be asymmetrically distributed across properties, it may be possible to mitigate this bias by estimating a heteroskedastic frontier regression model. This approach is demonstrated for a hedonic price function that values air quality in Bogotá, Colombia. |
| publishDate |
2011 |
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2011 |
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2018-09-27T16:51:25Z |
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2018-09-27T16:51:25Z |
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Documento de trabajo |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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info:eu-repo/semantics/workingPaper |
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http://purl.org/coar/resource_type/c_8042 |
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eng |
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eng |
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Documentos CEDE No. 11 Marzo de 2011 |
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https://ideas.repec.org/p/col/000089/008736.html |
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30 páginas |
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Universidad de los Andes, Facultad de Economía, CEDE |
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Universidad de los Andes, Facultad de Economía, CEDE |
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