The choice of functional forms for hedonic price equations: Comment
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The only theoretical restriction on the hedonic price function is that its price elasticity must lie in between the price elasticities of supply and demand. Since both the supply and demand curves are not observable, even this mild restriction is not very helpful in choosing functional forms.
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The Box-Cox functional form has been used in several other urban contexts by Kau and Lee [8], Kau and Sirmans [9], Sirmans et al. [14], Sirmans and Redman [15], and McDonald [11]. Some of the problems, for example with prediction, raised in this paper on hedonics apply to these uses as well.