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date: 12 November 2019

Abstract and Keywords

This article presents the basic theory of hedonic modeling, its empirical application and relevance, and the principal limitations and challenges. Agricultural economists have long utilized the hedonic price relationship, and the hedonic price technique has been utilized to estimate the implicit prices of attributes for numerous food products. It provides a framework of the hedonic models that can be used to quantify the long-term effects of exogenous shocks on quality, or implementation of regulatory policies. This article discusses the whole armamentarium of econometric models and methods familiar to applied economists, including parametric, semi-parametric, and non-parametric approaches. The objective is to describe briefly each econometric model within the hedonic context and provide an understanding of the implications and trade-offs inherent to the choice of each alternative. This is a fruitful area of research with increased customization of products and the increasing availability of large data sets.

Keywords: hedonic modeling, hedonic price relationship, econometric models, trade-offs, regulatory policies

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