Hedonistic Approach to Estimate Price of Art Paintings: Analysis of the Effects of Sample Size, Self-selection and the Brand

Student: Petrov Nikita

Educational Programme: Bachelor

Year of Graduation: 2014

There is a hedonistic approach to estimate price of art paintings (Claude Monet and Henri Matisse works) in this paper. Effects of sample size increase (up to general population), Heckman's model's self-selection shifting, effects of difference between artists were analysed. The model predicts a major part of the price. A lot of factors are significant. So, hedonistic approach to estimate art prices is adequate.

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