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Comparison of Robust Hedonic Models: Review of Factors Affecting Beetle Turkey Market Price

Year 2018, Volume: 19 Issue: 1, 24 - 43, 31.05.2018

Hasan Bulut , Tolga Zaman

Abstract

The
aim of this study is to determine the factors which affects the price of Beetle
vehicles named also “Vosvos” or “Kaplumbağa” (Tortoise) in Turkey. It is also
possible for Beetle to be more expensive than the top model cars especially in
the spot market. The main reason of fondness of the beetle is entirely related
to personal pleasure and aesthetics rather than to features such as personal
comfort, security, affordable price etc. like in other cars. In this regard,
this car has a special fan base. Hedonic price model approach is used to
determine the factors which affects the prices of Beetle model cars. Because
hedonic price model is used to determine the factor which affects the prices of
heterogeneous goods that are bought to satisfy personal pleasure. However,
since the cars in Turkey market are different in the sense of their ages,
features and restoration states, there are wide differences among prices of
them. The fact that this situation can cause outlier problem in the data set is
the reason which we used classical and robust hedonic price model in the study
for. In this regard, this study is where the robust hedonic price model is used
the first time for any product in Turkey. Also, the results obtained from the
study is used to create a price estimator robot. Therefore, results of the
study are not only theoretically successful but also a support to daily life
and the economy.

Keywords

Robust hedonic price model M estimation LTS LMS LAD

References

  • A. Kaya (2012). Türkiye’de Konut Fiyatlarını Etkileyen Faktörlerin Hedonik Fiyat Modeli İle Belirlenmesi, Uzmanlık Yeterlilik Tezi Türkiye Cumhuriyet Merkez Bankası.
  • A. Matas & J.-L Raymond (2006) Hedonic Prices for Cars: An Application to the Spanish Car Market, 1981-2005, Applied Economics, 41, s. 2887-2904.
  • B. Ergül (2006). Robust Regresyon ve Uygulamaları. Eskişehir Osmangazi Üniversitesi Fen Bilimleri Enstitüsü İstatistik Anabilim Dalı Yüksek Lisans Tezi, Eskişehir.
  • C. Dehon, O. Gergaud & V. Verardi (2006). Robust hedonic price regressions: Unmasking outliersis not witchcraft, unpublished,URL: http://olivier.gergaud.free.fr/files/Robust.pdf
  • C. Janssen, B. Söderberg & J. Zhou (2001). Robust estimation of hedonic models of price and income for investment property, Journal of Property Investment and Finance, 19:342-360.
  • D. N. Gujarati & D. C. Porter, 2009. Basic Econometrics, McGraw-Hill/Irwin, NY.
  • F. Daşkıran (2015). Denizli Kentinde Konut Talebine Etki Eden Faktörlerin Hedonik Fiyatlandırma Modeli İle Tahmin Edilmesi, Uluslararası Sosyal Araşırmalar Dergisi.
  • F. Ecer (2013). Forecasting of Second-Hand Automobile Prices and Identification of Price Determinants in Turkey. Anadolu University Journal of Social Sciences 101-112.
  • F. R. Hampel (1971). A General Qualitative Definition of Robustness. The Annals of Mathematical Statistics. 42(6). 1887-1896.
  • G. E. Çetintahra & E. Çubukçu (2012). Hedonik Fiyat Modeli İle Konut Fiyatları Üzerine Yapılan Araştırmalar Üzerine Bir Literatür Taraması, Planlama Tmmob Şehir Plancıları Odası Yayını.
  • G. Kördiş, S. Işık & M. Mert (2014). Antalya’da Konut Fiyatlarını Etkileyen Faktörlerin Hedonik Fiyat Modeli İle Tahmin Edilmesi, Akdeniz İ.İ.B.F. Dergisi.
  • H. Bulut, Y. Öner & E. İslamoğlu (2015). The Investigation Of The Factors Affecting On The Prices Of Real Estates In Samsun Via Hedonic Price Model. Alphanumeric Journal, 3(2).
  • H. Daştan (2016). Determination of the Factors That Effect Second-Hand Automobile Prices in Turkey by Using Hedonic Pricing Model. Journal of Gazi University Faculty of Economics and Administrative Sciences, 18(1),303-327.
  • H. J. J. M. Reis & S. C. Silva (2002). Hedonic Prices Indexes for New Passenger Cars in Portugal (1997-2001), Economic Modelling, 23, s. 890-908.
  • J. F. Kain & J. M. Quigley (1970). Measuring the Value of Housing Quality, Journal of the American Statistical Association.
  • J. Fox (2002). Robust Regression. Appendix to An R and S-PLUS Companion to Applied Regression( http://www.saedsayad.com/docs/RobustRegression.pdf).
  • J. Nevitt &H. P. Tam (1998). A comparison of robust and nonparametric estimators under the simple linear regression model. Multiple Linear Regression Viewpoints. Vol. 25, pp. 54-69.
  • J. Tukey (1970). Exploratory Data Analysis. MA: Addison-Wesley.
  • J. Wang, R. Zamar, A. Marazzi, V. Yohai, M. Salibian-Barrera, R. Maronna, E. Zivot, D. Rocke, D. Martin, M. Maechler & K. Konis (2014). robust: Robust Library. R package version 0.4-16. URL: https://CRAN.R-project.org/package=robust
  • L. M. Li (2004). An algorithm for computing exact least-trimmed squares estimate of simple linear regression with constraints. Computational Statistics & Data Analysis 48 (2005) 717 – 734.
  • M. Beer (2007). Bootstrapping a hedonic price index: experience from used cars data. AStA Advances in Statistical Analysis. A Journal of the German Statistical Society. ISSN: 1863-8171 (Print) 1863-818X (Online). 91: 77–92
  • M. Çetin, T. Kavruk (2011). Doğrusal Regresyonda Sağlam Güven Aralıkları. Anadolu University Journal of Science and Technology –B Theoretical Sciences Cilt/Vol.:1-Sayı/No: 1 : 49-56.
  • M. Genceli (2001). Ekonomide İstatistik İlkeler, İstanbul, Filiz Kitabevi.
  • M.C. Çetin, A. Orsoy (2001). Doğrusal Regresyonda Sağlam Tahmin Ediciler ve Bir Uygulama. Anadolu University Journal of Science and Technology. Cilt/Vol.:2-Sayı/No: 2: 265-270.
  • N. M. Arguea, C. Hsiao & G.A. Taylor (1994). Estimating Consumer Preferences Using Market Data-An Application to Us Automobile Demand. Journal of Applied Econometrics, Vol. 9, 1-18.
  • N.H.A. Noo &, A.A. Mohammad (2013). Model of Robust Regression with Parametric and Nonparametric Methods. Mathematical Theory and Modeling. ISSN 2224-5804. Vol.3, No.5.
  • O. Toka, M. Çetin, S. A. Altunay (2011). Basit Doğrusal Regresyonda Sağlam ve Theil Kestiricilerinin Karşılaştırılması. Tüik, İstatistik Araştırma Dergisi. Volume: 08. Number: 03. Category: 02. Page: 45-53. ISSN No: 1303-6319.
  • P. J. Rousseeuw & A. M. Leroy (1987). Robust Regression and Outlier Detection. New York: John Wiley& Sons, Inc.
  • P. J. Huber (1973). Robust Regression: Asymptoties, conjections and monte carlo. Ann. Stat., 1, 799-821.
  • P. J. Huber (1981). Robust Statistics. John Wiley-Sons Inc., NY, s. 308.
  • P. Rousseeuw, C. Croux, V. Todorov, A. Ruckstuhl, M. Salibian-Barrera, T. Verbeke, M. Koller & M. Maechler (2016). robustbase: Basic Robust Statistics. R package version 0.92-6. URL: http://CRAN.R-project.org/package=robustbase
  • R. G. Ridker & J. A. Henning (1967). The Determinants of Residential Property Values with Special Reference to Air Pollution, The Review of Economics and Statistics
  • R. Koenker (2016). quantreg: Quantile Regression. R package version 5.29. URL: https://CRAN.R-project.org/package=quantreg
  • R. Yayar & D. Gül (2014). Hedonic Estimation of Housing Market Prices in Mersin City Center. Anadolu University Journal of Social Sciences, 14(3): 87-99.
  • S. C. Bourassa, E. Cantoni & M. Hoesli (2016). Robust hedonic price indexes. International Journal of Housing Markets and Analysis, 9(1), 47-65.
  • S. H. Yoo (2001). A robust estimation of hedonic price models: least absolute deviations estimation, Applied Economics Letters, 8:55-58.
  • S. Rosen (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition, Journal of Political Economy.
  • U. Çiçek & H. Kıymık (2015). The Analysis of The Factors Affecting Passenger Automobiles Prices with Hedonic Framework Approach in Turkey, Business, Economics And Management Perspectives.
  • URL-1:https://www.sahibinden.com/
  • URL-2:https://personel.omu.edu.tr/tr/hasan.bulut/beetle-hedonic-model
  • V.J. Yohai (1987). High Breakdown- Point and High Efficiency Robust Estimation for Regression. The Annals of Statistics, 15(20),pp.624-656.
  • W. N. Venables & B. D. Ripley (2002). Modern Applied Statistics with S. Fourth Edition. Springer, New York. ISBN 0-387-95457-0
  • X. L. V. Irımia (2011). Age effects, unobserved characteristics and hedonic price indexes: The Spanish car market in the 1990’s. Document De Treball Xreap2011-11. Xarxa De Referencia En Economia Applicada

ROBUST HEDONİK MODELLERİN KARŞILAŞTIRILMASI: BEETLE TÜRKİYE PİYASA FİYATINI ETKİLEYEN FAKTÖRLERİN İNCELENMESİ

Year 2018, Volume: 19 Issue: 1, 24 - 43, 31.05.2018

Hasan Bulut , Tolga Zaman

Abstract

Bu
çalışmanın amacı Türkiye’de “Vosvos” ya da “Kaplumbağa” olarak da adlandırılan
Beetle araçların fiyatını etkileyen faktörleri belirlemektir. Beetle özellikle
ikinci el piyasasında son model araçlardan daha pahalı olabilmektedir. Aracın
tercih edilmesindeki temek etken diğer otomobiller gibi kişisel konfor,
güvenlik, uygun fiyat vb. özelliklerden ziyade, tamamen kişisel haz duygusu ve
estetik kaygılardır. Bu bakımdan otomobil özel bir hayran kitlesine sahiptir.
Beetle araçların fiyatını etkileyen faktörlerin belirlenmesinde hedonik fiyat
model yaklaşımı tercih edilmiştir. Çünkü hedonik fiyat modeli kişisel haz
duygusunu tatmin etmek için satın alınan heterojen malların fiyatını etkileyen
faktörlerin belirlenmesinde kullanılmaktadır. Ancak Türkiye piyasasında bulunan
araçların hem yaşları, hem özellikleri hem de restorasyon durumları çok farklı
olduğundan fiyatlar arasında büyük farklılıklar vardır. Bu durumun veri setinde
aykırı değer sorununa neden olabileceği düşünüldüğünden çalışmada klasik ve
robust hedonik fiyat modellerinden yararlanılmıştır. Bu açıdan çalışma
Türkiye’de herhangi bir ürün için ilk robust hedonik fiyat modeli çalışması
olma özelliği taşımaktadır. Ayrıca çalışmadan elde edilen sonuçlar ile bir
fiyat tahmin robotu oluşturulmuştur. Böylece çalışmanın sonuçlarının teorik
olarak başarılı olmasının yanı sıra, günlük hayata ve ekonomiye de katkı
sağlayacağı düşünülmektedir.

Keywords

Robust hedonik fiyat modeli M tahmin LTS LMS LAD

References

  • A. Kaya (2012). Türkiye’de Konut Fiyatlarını Etkileyen Faktörlerin Hedonik Fiyat Modeli İle Belirlenmesi, Uzmanlık Yeterlilik Tezi Türkiye Cumhuriyet Merkez Bankası.
  • A. Matas & J.-L Raymond (2006) Hedonic Prices for Cars: An Application to the Spanish Car Market, 1981-2005, Applied Economics, 41, s. 2887-2904.
  • B. Ergül (2006). Robust Regresyon ve Uygulamaları. Eskişehir Osmangazi Üniversitesi Fen Bilimleri Enstitüsü İstatistik Anabilim Dalı Yüksek Lisans Tezi, Eskişehir.
  • C. Dehon, O. Gergaud & V. Verardi (2006). Robust hedonic price regressions: Unmasking outliersis not witchcraft, unpublished,URL: http://olivier.gergaud.free.fr/files/Robust.pdf
  • C. Janssen, B. Söderberg & J. Zhou (2001). Robust estimation of hedonic models of price and income for investment property, Journal of Property Investment and Finance, 19:342-360.
  • D. N. Gujarati & D. C. Porter, 2009. Basic Econometrics, McGraw-Hill/Irwin, NY.
  • F. Daşkıran (2015). Denizli Kentinde Konut Talebine Etki Eden Faktörlerin Hedonik Fiyatlandırma Modeli İle Tahmin Edilmesi, Uluslararası Sosyal Araşırmalar Dergisi.
  • F. Ecer (2013). Forecasting of Second-Hand Automobile Prices and Identification of Price Determinants in Turkey. Anadolu University Journal of Social Sciences 101-112.
  • F. R. Hampel (1971). A General Qualitative Definition of Robustness. The Annals of Mathematical Statistics. 42(6). 1887-1896.
  • G. E. Çetintahra & E. Çubukçu (2012). Hedonik Fiyat Modeli İle Konut Fiyatları Üzerine Yapılan Araştırmalar Üzerine Bir Literatür Taraması, Planlama Tmmob Şehir Plancıları Odası Yayını.
  • G. Kördiş, S. Işık & M. Mert (2014). Antalya’da Konut Fiyatlarını Etkileyen Faktörlerin Hedonik Fiyat Modeli İle Tahmin Edilmesi, Akdeniz İ.İ.B.F. Dergisi.
  • H. Bulut, Y. Öner & E. İslamoğlu (2015). The Investigation Of The Factors Affecting On The Prices Of Real Estates In Samsun Via Hedonic Price Model. Alphanumeric Journal, 3(2).
  • H. Daştan (2016). Determination of the Factors That Effect Second-Hand Automobile Prices in Turkey by Using Hedonic Pricing Model. Journal of Gazi University Faculty of Economics and Administrative Sciences, 18(1),303-327.
  • H. J. J. M. Reis & S. C. Silva (2002). Hedonic Prices Indexes for New Passenger Cars in Portugal (1997-2001), Economic Modelling, 23, s. 890-908.
  • J. F. Kain & J. M. Quigley (1970). Measuring the Value of Housing Quality, Journal of the American Statistical Association.
  • J. Fox (2002). Robust Regression. Appendix to An R and S-PLUS Companion to Applied Regression( http://www.saedsayad.com/docs/RobustRegression.pdf).
  • J. Nevitt &H. P. Tam (1998). A comparison of robust and nonparametric estimators under the simple linear regression model. Multiple Linear Regression Viewpoints. Vol. 25, pp. 54-69.
  • J. Tukey (1970). Exploratory Data Analysis. MA: Addison-Wesley.
  • J. Wang, R. Zamar, A. Marazzi, V. Yohai, M. Salibian-Barrera, R. Maronna, E. Zivot, D. Rocke, D. Martin, M. Maechler & K. Konis (2014). robust: Robust Library. R package version 0.4-16. URL: https://CRAN.R-project.org/package=robust
  • L. M. Li (2004). An algorithm for computing exact least-trimmed squares estimate of simple linear regression with constraints. Computational Statistics & Data Analysis 48 (2005) 717 – 734.
  • M. Beer (2007). Bootstrapping a hedonic price index: experience from used cars data. AStA Advances in Statistical Analysis. A Journal of the German Statistical Society. ISSN: 1863-8171 (Print) 1863-818X (Online). 91: 77–92
  • M. Çetin, T. Kavruk (2011). Doğrusal Regresyonda Sağlam Güven Aralıkları. Anadolu University Journal of Science and Technology –B Theoretical Sciences Cilt/Vol.:1-Sayı/No: 1 : 49-56.
  • M. Genceli (2001). Ekonomide İstatistik İlkeler, İstanbul, Filiz Kitabevi.
  • M.C. Çetin, A. Orsoy (2001). Doğrusal Regresyonda Sağlam Tahmin Ediciler ve Bir Uygulama. Anadolu University Journal of Science and Technology. Cilt/Vol.:2-Sayı/No: 2: 265-270.
  • N. M. Arguea, C. Hsiao & G.A. Taylor (1994). Estimating Consumer Preferences Using Market Data-An Application to Us Automobile Demand. Journal of Applied Econometrics, Vol. 9, 1-18.
  • N.H.A. Noo &, A.A. Mohammad (2013). Model of Robust Regression with Parametric and Nonparametric Methods. Mathematical Theory and Modeling. ISSN 2224-5804. Vol.3, No.5.
  • O. Toka, M. Çetin, S. A. Altunay (2011). Basit Doğrusal Regresyonda Sağlam ve Theil Kestiricilerinin Karşılaştırılması. Tüik, İstatistik Araştırma Dergisi. Volume: 08. Number: 03. Category: 02. Page: 45-53. ISSN No: 1303-6319.
  • P. J. Rousseeuw & A. M. Leroy (1987). Robust Regression and Outlier Detection. New York: John Wiley& Sons, Inc.
  • P. J. Huber (1973). Robust Regression: Asymptoties, conjections and monte carlo. Ann. Stat., 1, 799-821.
  • P. J. Huber (1981). Robust Statistics. John Wiley-Sons Inc., NY, s. 308.
  • P. Rousseeuw, C. Croux, V. Todorov, A. Ruckstuhl, M. Salibian-Barrera, T. Verbeke, M. Koller & M. Maechler (2016). robustbase: Basic Robust Statistics. R package version 0.92-6. URL: http://CRAN.R-project.org/package=robustbase
  • R. G. Ridker & J. A. Henning (1967). The Determinants of Residential Property Values with Special Reference to Air Pollution, The Review of Economics and Statistics
  • R. Koenker (2016). quantreg: Quantile Regression. R package version 5.29. URL: https://CRAN.R-project.org/package=quantreg
  • R. Yayar & D. Gül (2014). Hedonic Estimation of Housing Market Prices in Mersin City Center. Anadolu University Journal of Social Sciences, 14(3): 87-99.
  • S. C. Bourassa, E. Cantoni & M. Hoesli (2016). Robust hedonic price indexes. International Journal of Housing Markets and Analysis, 9(1), 47-65.
  • S. H. Yoo (2001). A robust estimation of hedonic price models: least absolute deviations estimation, Applied Economics Letters, 8:55-58.
  • S. Rosen (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition, Journal of Political Economy.
  • U. Çiçek & H. Kıymık (2015). The Analysis of The Factors Affecting Passenger Automobiles Prices with Hedonic Framework Approach in Turkey, Business, Economics And Management Perspectives.
  • URL-1:https://www.sahibinden.com/
  • URL-2:https://personel.omu.edu.tr/tr/hasan.bulut/beetle-hedonic-model
  • V.J. Yohai (1987). High Breakdown- Point and High Efficiency Robust Estimation for Regression. The Annals of Statistics, 15(20),pp.624-656.
  • W. N. Venables & B. D. Ripley (2002). Modern Applied Statistics with S. Fourth Edition. Springer, New York. ISBN 0-387-95457-0
  • X. L. V. Irımia (2011). Age effects, unobserved characteristics and hedonic price indexes: The Spanish car market in the 1990’s. Document De Treball Xreap2011-11. Xarxa De Referencia En Economia Applicada
There are 43 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Hasan Bulut

Tolga Zaman

Publication Date May 31, 2018
Submission Date February 8, 2018
Published in Issue Year 2018Volume: 19 Issue: 1

Cite

APA Bulut, H., & Zaman, T. (2018). ROBUST HEDONİK MODELLERİN KARŞILAŞTIRILMASI: BEETLE TÜRKİYE PİYASA FİYATINI ETKİLEYEN FAKTÖRLERİN İNCELENMESİ. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 19(1), 24-43.
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