Lecture
This lecture covers the historical development of the hedonic method in economics, starting with Frederick Waugh's empirical study on asparagus prices in Boston in 1928. It then delves into the analysis of real estate prices based on quality attributes such as color, diameter, and stem regularity. The lecture further explores the evaluation of land and property prices using regression analysis, emphasizing the importance of considering various factors like volume, room size, age, and location. It concludes with a detailed explanation of the hedonic pricing model applied to different types of properties, showcasing how specific characteristics influence market prices.