The Construction Of Residential Decoration Price Index Based On Hedonic Model

Price index has the function of reflecting the direction and extent of market price change.Residential decoration involves many aspects,complex processes,strong professionalism,therefore,information asymmetry exists in the transaction.And there is a long-term lack of price indicators to provide reference for consumers,enterprises and government regulation.The consumption of residential decoration is one-off and customized,which is a typical heterogeneous product.It is difficult to calculate the price index of residential decoration under the condition of the homogeneity and comparability of products in different periods.As the latest development of index theory,Hedonic theory is especially applicable to the calculation of product price index with strong heterogeneity.Because it regards the price of products as composed of product characteristics or functions,and has played an important role in many fields.Based on Hedonic theory,a residential decoration price index with basic decoration(excluding main materials)as the scope is constructed,and a statistical investigation process of residential decoration price is established.Firstly,the research status of building decoration price index,Hedonic theory and budget estimates are reviewed,and the development process of the calculation of the overall price index is sorted out,as well as Hedonic method and statistical survey methods.Secondly,the connotation and characteristics of residential decoration products and the applicability of Hedonic model are analysed,and the calculation steps of price index of residential decoration products are defined.Then,lessons from automobile and package tourism products are drawn,and the overall conceptual model of residential decoration products is constructed.After combining the quotation list items in residential decoration,the author extracts the characteristics of residential decoration products,and determines the quality adjustment formula.Finally,through the analysis and determination of the survey and data collection methods,the residential decoration products trading projects in Nanjing in 2018 are selected to verify the practicability of the calculation process of the price index of residential decoration products.The innovation of this paper is that Hedonic theory is applied to the field of residential decoration for the first time,and a useful exploration is made on the application of model with high degree of nonstandardization.Hedonic theory itself lacks the arguments for selecting a specific set of independent variables.And a conclusion is drawen that the feature selection of Hedonic model generally concentrates on the core level,the form level and the expectation level of the overall product concept,and the interpretation rate of feature cost is better than 70%.It can not only guide the feature extraction of residential decoration products,but also provide reference for other fields.In addition,the proposed which standardizing features in the scope of five decoration projects including demolition and renovation,hydropower projects,decoration infrastructure projects,civil surface decoration,cabinet furniture,and then unified adjustment of the decoration grade method to obtain the index calculation results compared with the traditional average method of "general" data,link consumer intuitive feelings,and the economic significance is significant.Based on Hedonic model,the price index of residential decoration can effectively reflect the change of "pure price" in the market of residential decoration.It will provide useful opinions for government supervision,enterprise manufacturers and consumers' scientific decision-making,and bring practical help for standardized operation of residential decoration industry.