A study on using robust hedonic regression implementation

Yıl 2023, Cilt: 72 Sayı: 2, 551 - 562, 23.06.2023

Serdar Cihat Gören , Olcay Arslan

https://doi.org/10.31801/cfsuasmas.1187009

Öz

This article aims to determine the features affecting the price of a product with the hedonic regression model and to estimate the contribution of each feature to the price by using robust regression estimation methods. For the analysis, the price and feature information of the laptop product group were obtained from the big data source by using the web scraping method. Four alternatives of the hedonic regression model are used to determine the features affecting the price of the laptops. The contribution of each feature to the laptop price is estimated by using the robust (Huber M-estimator) estimation method and the Ordinary Least Squares (OLS) estimation method, and the resulting estimates are compared for both methods. In the framework of the data set used in the study, it is observed that the effective model is the Logarithmic Robust Hedonic Regression Model.

Anahtar Kelimeler

Robust regression, hedonic regression, big data.

Kaynakça

• Aktan, E., Büyük veri: uygulama alanları, analitiği ve güvenlik boyutu, Bilgi Yönetimi Dergisi, (2018). https://doi.org/10.33721/by.403010
• Bourassa, S. C., Cantoni, E., Hoesli, M., Robust hedonic price indexes, International Journal of Housing Markets and Analysis, (2013), 47-65. https://doi.org/10.1108/IJHMA-11-2014-0050
• Box, G. E. P., Non-normality and tests on variances, Biometrika, 40 (1953), 318-335. https://doi.org/10.2307/2333350
• Bulut, H., Zaman, T., Robust hedonik modellerin karşılaştırılması: Beetle Türkiye piyasa fiyatını etkileyen faktörlerin incelenmesi, C. Ü. İktisadi ve İdari Bilimler Dergisi, 19 (2018), 24-43.
• Colwell, P. F., Dilmore, G., Who was first? An examination of an early hedonic study, Land Economics, 75 (1999), 620-626. https://doi.org/10.2307/3147070
• Court, A. T., Hedonic price indexes. The dynamics of automobile demand, General Motors Corporation, 1939.
• Cox, M., Ellsworth, D., Application-controlled demand paging for out-of-core visualization, 8th IEEE Visualization’97 Conference, 1997. https://doi.org/10.1109/VISUAL.1997.663888
• Diewert, W. E., Haan, J., Hendriks, R, The decomposition of a house price index into land and structures components: A hedonic regression approach, Economic Measurement Group Workshop, 2010.
• Diewert, W. E., Haan, J., Hendriks, R., Hedonic regressions and the decomposition of a house price index into land and structure components, Statistics Netherlands, 2014.
• Doğan, K., Arslantekin, S., Big data: Its importance, structure and current status, DTCF Journal, 56 (2016), 15-36. https://doi.org/10.1501/Dtcfder-0000001461
• Fixler, D., Fortuna, C., Greenlees, J., Lane, W., The use of hedonic regressions to handle quality change: The experience in the U.S. CPI, U.S. Bureau of Labor Statistic, 1999.
• Haas, R., Transportation conditions in Europe, The Annals of the American Academy of Political and Social Science, 104 (1922), 157-167.
• Hampel, F. R., A general qualitative definition of robustness, Ann. Math. Stat., 42 (1971), 1179-1186.
• Heritier, S., Cantoni, E., Copt, S., Victoria-Feser, M. P., Robust methods in biostatistics, Journal of Biopharmaceutical Statistics, 20 (2010), 482-484. https://doi.org/10.1002/bimj.201000194
• Huber, P. J., Robust estimation of a location parameter, Annals of Mathematical Statistics, 35 (1964), 73-101. https://doi.org/10.1214/aoms/1177703732
• Huber, P. J., Robust regression: Asymptotics, conjectures and Monte Carlo, The Annals of Statistics, 5 (1973), 799–821. https://doi.org/10.1214/aos/1176342503
• Hülagu, T., Kızılkaya, E., Gencay A., A hedonic house price index for Turkey, Central Bank of the Republic of Turkey, 2016.
• Jiang, L., Peter, C., Phillips, B., Jun, Y., A new hedonic regression for real estate prices applied to the Singapore residential market, Cowles Foundation For Research In Economics Yale University, 2014. https://doi.org/10.2139/ssrn.2533017
• Manoel, N., Felisoni, C., Roberto, M., A five-year hedonic price breakdown for desktop personal computer attributes in Brazil, Brazilian Administration Review, 6 (2009), 173-186. https://doi.org/10.1590/S1807-76922009000300002
• McCormack, K., Diagnostics for hedonic models using an example for cars, Biometrics and Biostatistics International Journal, 2 (2015), 23-37. https://doi.org/10.15406/bbij.2015.02.00022
• Selim, S., Determinants of house prices in Turkey: A hedonic regression model, Journal of Dogus University, 9 (2008), 65-76. https://doi.org/10.31671/dogus.2019.223
• Sheppard, S., Hedonic analysis of housing markets, Oberlin College, Ohio, USA, 1997.
• Shimizu, C., Takatsuji, H., Ono, H., Structural and temporal changes in the housing market and hedonic housing price indices: A case of the previously owned condominium market in the Tokyo metropolitan area, International Journal of Housing Markets and Analysis, 3 (2010), 351-368.
• Stigler, M. S., Gauss and the invention of least squares, The Annals of Statistics, 9 (1981), 465-474.
• Tukey, J. W., A survey of sampling from contaminated distributions. In: Oklin, I., Ed., Contributions to Probability and Statistics, Stanford University Press, 1960.
• Vargiu, E., Urru, M., Exploiting web scraping in a collaborative filtering based approach to web advertising, Artificial Intelligence Research, 2 (2013), 44-54. https://doi.org/10.5430/air.v2n1p44
• Waugh, F. V., Quality as a Determinant of Vegetable Prices, Columbia University Press, New York, 1929. https://doi.org/10.7312/waug92494