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| Fogarty, James Joseph; Jones, Callum. |
| Comparisons between the return to wine and standard financial assets are complicated in that the return to wine must be estimated from infrequent sales of heterogeneous wine brands. Wine returns can be estimated using several different approaches, and here the performance of the hedonic approach, repeat sales approach, and hybrid approach are compared using 14,102 auction sale observations for Australian wine over the period 1988 to 2000. For the data set considered the results show that the hybrid approach provides the most efficient estimates, and that the repeat sales approach provides significantly higher total return estimates than the other two approaches. The portfolio diversification benefit attributed to holding wine is then shown to vary with... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Return to wine; Price index; Research Methods/ Statistical Methods; C33; G12. |
| Ano: 2011 |
URL: http://purl.umn.edu/108668 |
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| Banzhaf, H. Spencer. |
| This paper illustrates how public goods may be incorporated into a cost-of-living index. When public goods are weak complements to a market good, quality-adjusted prices for the market good capture all the welfare information required. They are also consistent with a Laspeyres index that maintains the bound on a true cost-of-living index. The paper recovers this information from a discrete-choice model, using a simulation routine to solve for the appropriate price adjustments. These concepts are applied to the case of housing, education, crime, and air quality in Los Angeles for 1989 to 1994. Over a period of time when they are improving, incorporating pubic goods into the index lowers the estimated change in the cost of living by 0.5 to 2.6 percentage... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Air quality; Discrete choice models; Green accounting; Nonmarket valuation; Price index; Public Economics; C51; D12; D60; E31; H40; R10. |
| Ano: 2002 |
URL: http://purl.umn.edu/10833 |
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