This phenomenon is largely due to an influential simulation study by Cropper, Deck and McConnell (CDM) (1988) that found, among other things, that simpler linear specifications outperformed more flexible functional forms in the face of omitted variables. Empirical applications typically rely on one of three functional forms-linear, semi-log, and double-log-and rarely involve rigorous specification testing. The hedonic pricing model is widely accepted as a method for estimating the marginal willingness to pay for spatially delineated amenities. However, when some housing attributes are unobserved, the spatial fixed effects significantly improves the performance of flexible specifications as well, and (iii) increasing the sample size from CDM’s 200 observations to a sample size of 2000 (which is more representative of modern applications) changes the relative performance of different specifications. This is true both when all attributes are observed, and when some attributes are unobserved, (ii) adding the spatial fixed effects to the more flexible specifications such as the quadratic and quadratic box-cox does not improve their performance when all housing attributes are observed. Three preliminary results obtained from our theoretically consistent Monte Carlo simulation have been highlighted in this paper: (i) we find that adding spatial fixed effects (census tract dummies) to linear models does improve their performance.
HEDONIC CALENDAR UPDATE
The purpose of our paper is to update and extend the CDM (1988) simulations to investigate current issues in hedonic modeling. In the 20 years that have elapsed since their study, there have been major computational advances and significant changes in the way hedonic price functions can be estimated. These results suggest that hedonic evaluation may have an important role in mate choice and showcase how mechanistic analysis can help understand evolutionary processes.The hedonic pricing model is widely accepted as a method for estimating the marginal willingness to pay for spatially delineated amenities. Further, females in the two species showed flips in approach/evasion of stimuli with comparable signal structure. Female treefrog responses ranged from approach to evasion, and the presence of an aversive stimulus tainted evaluation of an attractive stimulus. We tested the hypothesis of positive-to-negative behavioural responses in mate choice with a playback experiment using two treefrog species with ‘mirror image’ structures in their advertisement and aggressive calls. Further, change in preferred mate types can occur simply by changes (flips) in the evaluation of similar display features, adding to the dynamism of sexual selection as well as its strength. Selection due to mate choice may therefore be stronger than currently appreciated. This may contribute to the power of sexual selection because evaluations may range from positive to negative rather than simply from positive to neutral. In such cases, the selective environment may be hedonic or affective in nature, as it consists of the evaluations of the individuals making the decisions. Sexual competition hinges on the ability to impress other conspecifics, to drive them away or attract them.
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