On the Choice of Funtional Form for Hedonic Price Functions
通过模拟消费者竞标房屋的过程，比较不同形式的特征价格函数在估计边际属性价格时的误差，发现当所有属性可观测时，线性与二次Box-Cox形式误差最小；当部分属性缺失或使用代理变量时，线性与线性Box-Cox形式表现最佳。
This study examines how errors in measuring marginal attribute pric es vary with the form of the hedonic price function. In simulations, consumers with known utility functions bid for houses with given attributes. Various forms of the hedonic function are estimated using equilibrium housing prices. Errors in estimating marginal attribute prices are calculated by comparing each consumer's equilibrium marginal bid vector with the gradient of the hedonic function. When all attributes are observed, linear and quadratic Box-Cox forms produce lowest mean percentage errors; however, when some attributes are unobserved or are replaced by proxies, linear and linear Box-Cox functions perform best. Copyright 1988 by MIT Press.