2026-03-09T18:36:04Z https://toyama.repo.nii.ac.jp/oai

oai:toyama.repo.nii.ac.jp:00017627 2023-07-25T11:14:50Z 208:211:406:407

Asset price indices for Japanese art auction market: An application to the Japanese artist Karato, Koji Japanese art auction market Hedonic price Art price index Exponential type II Tobit model This research is one of the few to analyzed a Japanese art auction market. We found the hedonic price index of artworks in Japan’s art auction market, between 2006 and 2019. Considering the sample selection bias in the auction and the price index measurement by the traditional hedonic time dummy model of log-price, we presented the estimation of the hammer price by the exponential type II Tobit model. Using the difference between the conditional expectation of the logarithmic price, a new price index that takes into account the variation of selection bias was defined. Art price index by the ordinary least squares estimation without considering the sales selection has a negative bias in the Japanese art auction market. Working Paper Working Paper, No.328, 2020.03.26, School of economics, university of toyama School of economics, university of toyama 2020-03-26 eng technical report AM https://doi.org/10.15099/00020069 http://hdl.handle.net/10110/00020069 https://toyama.repo.nii.ac.jp/records/17627 10.15099/00020069 Working Paper / No.328 Working Paper, No.328, 2020.03.26, School of economics, university of toyama 328 1 24 https://toyama.repo.nii.ac.jp/record/17627/files/328_Karato_202003.pdf application/pdf 838.3 kB 2020-04-07