HEDONIC
PRICING
METHODE
HPM
VALUASI EKONOMI
Trying to evaluate environmental values
from an economic perspective was then …..
…… the equivalent of trying to value
something priceless.
He·don·ic
1. Of, relating to, or marked by pleasure
(KESENANGAN).
2. Of or relating to hedonism or
hedonists.
He·don·ism
1. Pursuit of or devotion to pleasure, especially to
the pleasures of the senses.
2. Philosophy : The ethical doctrine holding that
only what is pleasant or has pleasant
consequences is intrinsically good.
3. Psychology: The doctrine holding that behavior
is motivated by the desire for pleasure and the
avoidance of pain.
DEFINISI HEDONIK
Derived from the philosophy of hedonism (that happiness
is the chief good in life), the notion that value is ultimately
dependent on the satisfaction of wants and needs.
The word hedonic is most often used together with the
word price, as in hedonic price.
This suggests the view that price is based on the
satisfaction generated by consuming a good, regardless of
the source of the satisfaction.
This notion of hedonic is closely related to, and largely
indistinguishable from, the more common concept of
utility.
Definition:
Hedonic means of or relating to utility.
(pleasure---- kesenangan --- kepuasan - utilitas)
…….. Pemenuhan kebutuhan ………..
A hedonic econometric model is one where the
independent variables are related to quality; e.g.
the quality of a product that one might buy or the
quality of a job one might take.
PENDEKATAN HEDONIK
The hedonic approach to economic
assessment can be used for evaluating the
economic value of environmental goods
such as noise, air or water quality, landscape
and similar ECOSYSTEM SERVICES AND
goods.
PENDEKATAN HEDONIK
The hedonic approach is based on the assumption that
goods and services can be considered aggregates of
different attributes, some of which, as they cannot be
sold separately, do not have an individual price.
On real estate markets for example, it is not possible to
purchase separately the room, the preferred location, the
panoramic qualities, quality of air or of surrounding
landscape.
It is one frequently applied methodology for the
assessment of natural values based on market values.
PENDEKATAN HEDONIK
The hedonic approach to evaluation attempts to estimate
the economic value using implicit prices of single
characteristics of a good on the basis of market values of
the whole good.
The use of this approach is of particular interest in the
field of environmental valuation, as it can be assumed
that the values attributed to natural resources are
attributes of commodities which are sold on the market.
Real estate properties are very interesting in this context,
as their values are strongly influenced by locational
characteristics.
PENDEKATAN HEDONIK
The approach assumes that the economic value of
each attribute influences the total value of the
commodity and can thus be revealed as a difference
in price, for instance real estate properties, assuming
all other characteristics to remain constant.
It is based on the identification of the part of value
which regards the characteristic to be evaluated, and
in case of variations of the characteristic, on the
possibility of estimating its demand function.
TEORI HEDONIK
The theory at the basis of hedonic methods have been formulated
by Rosen (1974) and successively improved with regards to the
valuation of environmental goods by Freeman (1979).
Rosen’s model simulates a competitive market and foresees the
simultaneous estimation of demand and supply function.
In the particular case of real estate markets, with a very rigid
supply, the model can be simplified and traced back to the
neoclassic scheme of the theory of consumer’s demand (Diamond
and Smith).
……… TEORI PERMINTAAN KONSUMEN ….
ASUMSI-ASUMSI PENDEKATAN HEDONIK :
1. the market must offer a continuous range of choices, that
means, all combinations between private good and
environmental conditions;
2. purchasers must be able to behave according to the principle of
decreasing marginal utility with respect to the environmental
characteristics;
3. purchasers must have the same opportunity of access to the
market. In other words, they must have the same cost of
information, transaction and transfer, the same income
available and the same mobility;
4. a perfect transparency of prices and characteristics must be
given;
5. prices must adapt immediately to changes in the demand for
environmental goods.
Aplikasi pendekatan Hedonik berlangsung dua
tahap:
1. estimate the value function of the private
good;
2. estimate of the demand function of the
environmental characteristics of the surplus.
REGRESI HEDONIK
The estimation of the function of the prices
of private goods is generally obtained
applying statistical methods of linear (or
linearized) multiple regression:
V = βo + βi Xi + Є
In this way each single characteristic of the good is
associated with a parameter ßi which represents the
specification of the variable, the implicit price.
KETERBATASAN PENDEKATAN HEDONIK :
1. it can be applied only in presence of a good number
of market exchanges, as the model representing the
market requires a certain number of good quality
data;
2. the market must be sufficiently transparent;
3. the valuation might be biased if there are
expectations with regards to changes in
environmental qualities;
4. It is not possible to estimate the total economic value
of the environmental good, but only the value
connected to present and, with some caution, future
uses.
HPM: Hedonic Pricing Method
The price is how much you pay for something .
Pricing is when you decide how much it costs.
The hedonic price Definition:
The notion that the price of good is based on an assortment of
characteristics that are both intrinsic to the good itself and external
to the good.
Hedonic pricing is commonly applied to the housing market in which
the price of housing is based on the physical characteristics of the
house (size, appearance, features) and the surrounding
neighborhood (accessibility to schools and shopping, quality of other
houses, availability of public services).
Estimating hedonic prices makes it possible to identify the extent to
which specific external factors affect the price.
The prices of two houses may differ considerably, even
with the same facilities (size, same structure, etc).
The prices may reflect the difference of:
Access to the work-place, commercial
amenities, environmental facilities such as
parks,
Environmental qualities of the
neighbourhood
Such differences may imply that people are, to some
extent, making a judgement on how much (more) they
will spend for the quality of environment.
For example, if a person were to choose between two
identical houses,
(a) one situated in clean environment,
(b) the other in polluted area, which one would he/she
buy or rent?
What if the price of (a) is 5% higher than (b)? or 50%
higher?
The HPM technique uses property prices to
assess:
1. How much of the property value differential
reflects the difference in environmental values
2. How much people are willing to pay for an
improvement of environmental quality and
what the social value of the improvement is.
HPM: Hedonic Pricing Model
A statistical model used to identify factors or influences
on the price of good based on the notion that price is
based on both intrinsic characteristic and external
factors.
The hedonic pricing model is most commonly used in the
housing market in which the price of housing is based on
the physical characteristics of the house (size,
appearance, features) and the surrounding neighborhood
(accessibility to schools and shopping, quality of other
houses, availability of public services).
HPM: MODEL FAKTOR
A model identifying price factors according
to the premise that price is determined both
by internal characteristics of the good being
sold and external factors affecting it.
HPM: Pasar Perumahan
The most common example of the hedonic pricing
method is in the housing market:
The price of a property is determined by the
characteristics of the house (size, appearance, features,
condition) as well as the characteristics of the
surrounding neighborhood (accessibility to schools and
shopping, level of water and air pollution, value of other
homes, etc.)
The hedonic pricing model is used to estimate the extent
to which each factor affects the price.
HPM: Valuasi manfaat eksternal
The hedonic pricing method infers the value of environmental
features from the prices of traded goods. It is applicable in those
cases where the prices of a good is directly influenced by
environmental factors.
The most frequently used example is the housing market, where the
value of two otherwise comparable properties or apartments will
differ depending on the environmental amenities in the vicinity of
each site. Thus, if the proximity to a hazardous waste site leads to a
measurable drop in the property price (compared to equivalent
houses in other locations), this difference in prices gives an
indication of the external cost of the waste site.
Hedonic pricing can also be applied to the valuation of external
benefits, e.g. if properties in the vicinity of an undisturbed river or
lake command a higher price than comparable properties elsewhere.
HPM: Methodology
Hedonic property value models assert that individuals
perceive housing units as bundles of attributes and derive
different levels of utility from different combinations of
these attributes. When transactions are made, individuals
make tradeoffs between money and attributes that reveal
that marginal values of these attributes.
To estimate these marginal values, one gathers data about
property values by using individual property sales in real
estate markets.
The price of a parcel or a house is then the dependent
variable in a regression on the structural characteristics of
the house, neighbourhood characteristics, and
environmental quality.
HPM: Methodology
The coefficients on the attributes allow the analysts the
recover the marginal values of those attributes.
The hedonic housing price method has been used to place a
value to environmental quality, climate change, and urban
policies, such as traffic calming and pedestrian zone
schemes.
In theory, all of the effects of a policy—health effects,
aesthetics, amenities, wildlife benefits, benefits of open
space, etc.—should be subsumed into the changes in
property values.
Hedonic pricing methods are examples of revealed
preference studies, because they rely on actual transactions.
HPM: Prosesnya
Hedonic property value models assert that individuals
perceive housing units as bundles of attributes and derive
different levels of utility from different combinations of
these attributes. When transactions are made, individuals
make tradeoffs between money and attributes that reveal
that marginal values of these attributes.
To estimate these marginal values, one gathers data about
property values by using individual property sales in real
estate markets.
The price of a parcel or a house is then the dependent
variable in a regression on the structural characteristics of
the house, neighbourhood characteristics, and
environmental quality.
HPM: Process
The coefficients on the attributes allow the analysts the
recover the marginal values of those attributes. The
hedonic housing price method has been used to place a
value to environmental quality, climate change, and urban
policies, such as traffic calming and pedestrian zone
schemes.
In theory, all of the effects of a policy—health effects,
aesthetics, amenities, wildlife benefits, benefits of open
space, etc.—should be subsumed into the changes in
property values. Hedonic pricing methods are examples of
revealed preference studies, because they rely on actual
transactions.
HPM: Strengths and weaknesses
Strengths:
1. Allows one to examine multiple environmental and policy
stressors
2. Based on market data
Weaknesses:
1. Difficulties exist with correlation
2. Very sensitive to the choice of functional form
3. Very sensitive to the definition of the extent of the market
4. Suffer from econometric identification problems.
HEDONIC PRICING MODEL
A hedonic model of prices is one that decomposes the price of an
item into separate components that determine the price.
A simple, and common, example is that the price of a house may
depend on its size, its location and other factors.
It possible to construct a better model (especially when trying to
construct a predictive model) by separating these factors.
A hedonic model does not necessarily separate all the factors that
could be separated, only those that affect the usefulness to a
buyer of what is being sold.
A good model should also separate out other factors: for example,
a model of house prices should also separate out interest rates.
HPM: Fungsi faktor
Fungsi hedonic price, dapat dijelaskan mengenai faktorfaktor yang dapat mempengaruhi harga sebuah rumah (Ph)
dapat dipengaruhi oleh:
1. Karakteristik lokasi (Si), contohnya adalah luas taman,
ketersediaan garasi kendaraan, dan jumlah kamar.
2. Karakteristik lingkungan sekitar. (Nj), contohnya
suku/etnis, tingkat kriminalitas, dan jumlah seolah di
area tersebut.
3. Kualitas lingkungan (Qk), hal ini ditunjukan pada dengan
kualitas udara dan tingkat kebisingan.
HPM: Regresi Hedonik
Fungsi hedonic price ini dapat dihitung dengan
menggunakan ordinary least squares (OLS) atau
persamaan regesi Ph = P (Si,Nj,Qk).
Jika ditulis dalam bentuk matematis
Ph = β0 + β1Si + β2Nj + βQk + ε
β adalah intersep/koefisien, Si adalah karakteristik rumah
itu sendiri, Nj adalah karakteristik lingkungan, Qk adalah
kualitas lingkungan dan ε (eror) yang menunjukkan faktor
lain yang turut menentukan harga rumah.
Hedonic index
In econometrics, a hedonic index is any price index which
uses information from hedonic regression.
Hedonic regression describes how product price could be
explained by the product's characteristics.
Hedonic price indexes have proved to be very useful
when applied to calculate price indices for information
and communication products (e.g. personal computers),
because they can successfully mitigate problems such as
those that arise from there being new goods to consider
and from rapid changes of quality.
REGRESI HEDONIK
For example, for a linear econometric model, assume
that at each period t we have nt goods, which could be
described by a vector of k characteristics .
Thus the hedonic (cross-sectional) regression is:
where cit is a set of coefficients and ξit are independent
and identically distributed, having a normal distribution
N(0,σ2).
INDEKS HARGA HEDONIK
There are several ways the hedonic price indexes
can be constructed.
The two methods can be distinguished—direct and
indirect.
The direct method uses only information obtained from
the hedonic regression, while the second method
combines information derived from the hedonic
regression and matched models (traditional price
indexes).
In indirect method, data used for estimating hedonic
regression and calculating matched models indexes are
different.
Time dummy variable
The Direct method could be divided into the Time
Dummy Variable and Characteristic methods.
The Time Dummy Variable is simpler, because it assumes implicit
prices (coefficients of the hedonic regression - cit) to be constant
over adjacent time periods.
This assumption generally does not hold since implicit prices
reflect both demand and supply. ……. Not constant
INDEKS KUALITAS HEDONIK
Hedonic quality index is similar to quantity index in traditional
index theory—it measures how the price of obtaining set of
characteristics had changed over time.
For example, if we are willing to estimate the effect that
characteristic growth (or decline) has had on the price of a
computer for one period - from t to t+1, then the hedonic quality
index would look like:
where η , as in the case with price indexes, determines the type of
the index. So, the chain quality index for the period from 0 to T
would look like:
and the base index:
REGRESI HEDONIK
A method used to determine the value of a good or
service by breaking it down into its component parts. The
value of each component is then determined separately
through regression analysis.
For example, the value of a home can be determined by
separating the different aspects of the home - number of
bedrooms, number of bathrooms, proximity to schools and using regression analysis to determine the value of
each variable.
REGRESI HEDONIK
The word "hedonic" refers to pleasure, which
economists link to the perceived value each part a
good or service has to someone.
This sort of regression analysis provides a good but not perfect - estimate of the value consumers
place on a part of a whole.
APLIKASI HPM
While studying the application of the Hedonic Pricing Method, the
first assumption made is the value of a house is affected by a
particular combination of characteristics that it possesses given
that properties with better qualities demand higher prices as
compared to properties with lower qualities.
FUNGSI HARGA HEDONIK
The price of a house will thus be affected by the structural
characteristics (s1, s2, s3...) of the house itself, characteristics of
the locality/neighbourhood (n1, n2, n3...), and environmental
characteristics (e1, e2, e3...)
APLIKASI HPM
Structural Characteristics could be anything from size of
the house, to the number of rooms, type of flooring, etc.
Neighbourhood attributes include variables like poshness of the locality, quality of roads, etc. And the
environmental characteristics are variables such quality
of air, proximity to parks, beaches, dumping yards, etc.
Dua tahapan analisis:
1. The regression techniques to estimate the Hedonic
Price Function
2. The regression to attain the marginal willingness to
pay for the amenity.
APLIKASI HPM
The first stage involves employing regression techniques to
estimate the Hedonic Price Function of the property. This function
will relate the prices of many properties in the same housing area
to the different characteristics.
So Price Function (P) = f (s1, s2, s3...sj; n1, n2, n3,...nj; e1, e2,
e3,...ej)
This function could be linear or non-linear. The prices may change
at an increasing or decreasing rate when the characteristics
change.
When you now differentiate the price function with respect to any one of the
above characteristics, the implicit price function for that particular characteristic
is yielded. It is considered implicit because the price function is indirectly
revealed to us by what the people are willing to pay in order to obtain better
quality or quantities of the characteristic.
HPM: APLIKASINYA
In the second stage, these implicit prices are regressed
against the actual quantities/qualities chosen by the
people in order to attain the marginal willingness to pay
for the amenity.
The results of this analysis will indicate the changes in
property values for a unit change in each characteristic,
given that all the other characteristics are constant.
Some variables however may be correlated. This will
result in similar changes in their values.
HPM : KELEBIHANNYA
The method can be comfortable adapted to take into
consideration the several probable interactions between
environmental quality and the marketed goods.
This method is often used to approximate the values based
the actual choices of the people.
The real estate market is a good indication of the values as it
is relatively efficient in responding to information.
It is comparatively easier to obtain data on property sales
and characteristics and can be easily compared to secondary
data sources in order to acquire the descriptive variables for
the regression analysis.
HPM: Keterbatasan / Limitations
1. The scope of applying this model is restricted and limited
to measuring the environmental benefits related to
housing prices only.
2. The amount of data that needs to be collected and
worked with is very large.
3. A prerequisite of the model is that everyone should have
prior knowledge of the potential positive and negative
externalities that are associated with purchasing the real
estate property. For example, it is important that they
know before-hand about the level of pollution in a
locality situated near an industrial site. This however is
not the case in reality.
HPM: Keterbatasan / Limitations
4. The availability and accessibility of data directly affects
the amount of time and the expense that will be
undertaken to carry out an application of the model.
5. This method estimates people’s willingness to pay for
the supposed variation in environmental qualities and
their consequences. However, if the people are unaware
of the relation between the environmental qualities and
their benefits to them or the property, then the value will
not be reflected in the price of the property.
HPM Limitations
6. Market Limitations: This model makes an assumption that, given
their income, people have the opportunity to choose the
combination of attributes they prefer. What it fails to see is that
the real estate market can also be affected by external factors such
as interest rates, taxation, etc. For example : Suppose a family
wishes to purchase a property near a popular city center, having a
garden and of a large area. In reality - it may be possible that a
house near the city center is comparatively smaller in size or does
not have a garden.
7. Multicollinearity: Sometimes, there could be a case when Larger
properties are only available in cleaner non-polluted areas and
smaller properties are found in more urban and polluted
environments. In such cases, it would be difficult to separate
pollution and the size of property exactly.
HPM: LIMITASI
8. Price Changes: Another assumption is that prices in
the market will automatically adjust to any changes in
the attributes. In reality, there is a lag especially in
localities where purchase and sale of real estate is
limited.
9. The model is relatively complex to interpret and
requires a high level of statistical knowledge and
expertise.
Hedonic Pricing Method
Overview
The hedonic pricing method is used to estimate economic values
for ecosystem or environmental services that directly affect market
prices.
It is most commonly applied to variations in housing prices that
reflect the value of local environmental attributes.
It can be used to estimate economic benefits or costs associated
with:
Environmental quality, including air pollution, water pollution, or
noise
Environmental amenities, such as aesthetic views or proximity to
recreational sites
HPM : OVERVIEW
The basic premise of the hedonic pricing method is that the price
of a marketed good is related to its characteristics, or the services
it provides.
For example, the price of a car reflects the characteristics of that
car—transportation, comfort, style, luxury, fuel economy,
etc. Therefore, we can value the individual characteristics of a car
or other good by looking at how the price people are willing to pay
for it changes when the characteristics change.
The hedonic pricing method is most often used to value
environmental amenities that affect the price of residential
properties.
HPM: Hypothetical Situation
Agency staff want to measure the benefits
of an open space preservation program in a
region where open land is rapidly being
developed.
HPM: Why Use it?
The hedonic pricing method was selected in this
case because:
Housing prices in the area appear to be related to
proximity to open space.
Data on real estate transactions and open space
parcels are readily available, thus making this the
least expensive and least complicated approach.
HPM: Alternative Approaches
If the open space of concern is used mainly for
recreation, the travel cost method might be used.
Alternatively, survey-based methods, like
contingent valuation or contingent choice, might
be used.
However, these methods would generally be more
difficult and expensive to apply.
HPM: APLIKASINYA
Step 1:
The first step is to collect data on residential property sales in the
region for a specific time period (usually one year).
1.
2.
3.
4.
5.
The required data include:
Selling prices and locations of residential properties
Property characteristics that affect selling prices, such as lot size,
number and size of rooms, and number of bathrooms
Neighborhood characteristics that affect selling prices, such as
property taxes, crime rates, and quality of schools
Accessibility characteristics that affect prices, such as distances to
work and shopping centers, and availability of public
transportation
Environmental characteristics that affect prices
Residential Property
In this case, the environmental characteristic of concern
is the proximity to open space.
The researcher might collect data on the amount and
type of open space within a given radius of each
property, and might also note whether a property is
directly adjacent to open space.
Often, this type of data may be obtained from computerbased GIS (geographical information systems)
maps. Data on housing prices and characteristics are
available from municipal offices, multiple listing services,
and other sources.
HPM: APLIKASINYA
Step 2:
Once the data are collected and compiled, the next step is to
statistically estimate a function that relates property values to the
property characteristics, including the distance to open space. The
resulting function measures the portion of the property price that
is attributable to each characteristic. Thus, the researcher can
estimate the value of preserving open space by looking at how the
value of the average home changes when the amount of open
space nearby changes.
HPM: How Do We Use the Results?
The results can be used to evaluate agency
investments in open space preservation. For
example, specific parcels may be under
consideration for protection.
The hedonic value function can be used to
determine the benefits of preserving each parcel,
which can then be compared to the cost.
HPM: RINGKASAN
The hedonic pricing method is used to estimate the value
of environmental amenities that affect prices of
marketed goods. Most applications use residential
housing prices to estimate the value of environmental
amenities.
The method is based on the assumption that people
value the characteristics of a good, or the services it
provides, rather than the good itself. Thus, prices will
reflect the value of a set of characteristics, including
environmental characteristics, that people consider
important when purchasing the good.
HPM: Valuasi ekonomi untuk:
Environmental quality,
Air pollution,
Water pollution, or Noise
Environmental amenities, such as aesthetic views or
proximity to recreational sites
The hedonic pricing method is relatively straightforward
and uncontroversial to apply, because it is based on
actual market prices and fairly easily measured data.
If data are readily available, it can be relatively
inexpensive to apply. If data must be gathered and
compiled, the cost of an application can increase
substantially.
HPM: Harga Perumahan
In general, the price of a house is related to the
characteristics of the house and property itself, the
characteristics of the neighborhood and community, and
environmental characteristics. Thus, if non-environmental
factors are controlled for, then any remaining differences
in price can be attributed to differences in environmental
quality.
For example, if all characteristics of houses and
neighborhoods throughout an area were the same, except
for the level of air pollution, then houses with better air
quality would cost more. This higher price reflects the
value of cleaner air to people who purchase houses in the
area.
HPM: kebutuhan data dan informasi
To apply the hedonic pricing method, the following information
must be collected:
A measure or index of the environmental amenity of interest.
Cross-section and/or time-series data on property values and
property and household characteristics for a well-defined market
area that includes homes with different levels of environmental
quality, or different distances to an environmental amenity, such as
open space or the coastline.
HPM: REGRESI
The data are analyzed using regression analysis , which
relates the price of the property to its characteristics and
the environmental characteristic(s) of interest.
Thus, the effects of different characteristics on price can
be estimated.
The regression results indicate how much property
values will change for a small change in each
characteristic, holding all other characteristics constant.
HPM: Analisis Data
The analysis may be complicated by a number of
factors. For example, the relationship between price and
characteristics of the property may not be linear – prices
may increase at an increasing or decreasing rate when
characteristics change.
In addition, many of the variables are likely to be
correlated, so that their values change in similar ways.
This can lead to understating the significance of some
variables in the analysis. Thus, different functional forms
and model specifications for the analysis must be
considered.
HPM: Keuntungan / Kelebihan / Manfaat
The method’s main strength is that it can be used to estimate
values based on actual choices.
Property markets are relatively efficient in responding to
information, so can be good indications of value.
Property records are typically very reliable.
Data on property sales and characteristics are readily available
through many sources, and can be related to other secondary data
sources to obtain descriptive variables for the analysis.
The method is versatile, and can be adapted to consider several
possible interactions between market goods and environmental
quality.
HPM: Issues and Limitations
The scope of environmental benefits that can be measured is
limited to things that are related to housing prices.
The method will only capture people’s willingness to pay for
perceived differences in environmental attributes, and their direct
consequences. Thus, if people aren’t aware of the linkages
between the environmental attribute and benefits to them or their
property, the value will not be reflected in home prices.
The method assumes that people have the opportunity to select
the combination of features they prefer, given their
income. However, the housing market may be affected by outside
influences, like taxes, interest rates, or other factors.
The method is relatively complex to implement and interpret,
requiring a high degree of statistical expertise.
FAKTOR-FAKTOR PENENTU
HARGA RUMAH
DI KOTA MALANG
(Penerapan Metode Harga Hedonik)
PEMODELAN HARGA LAHAN KOTA
BANDUNG
DENGAN METODE HEDONIC
Penelitian ini menjelaskan keterkaitan antara lokasi, infrastruktur
perkotaan, dan status kepemilikan lahan, terhadap harga lahan,
dengan menggunakan Hedonic Price Model.
Hedonic Price Model menggunakan analisis regresi dan teori
statistik sebagai dasar untuk menginterpretasikan variasi dalam
sampel harga lahan, dalam pengertian hubungan variasi harga
lahan dengan karakteristik lahan.
Model ini memberikan hasil estimasi yang cukup signifikan secara
statistik.
Metode Hedonik Scale Scoring:
Uji Organoleptik
Pengujian organoleptik menggunakan metode uji hedonic scale
scoring, dengan jumlah panelis 20 orang panelis.
Uji ini dilakukan untuk mengetahui tingkat kesukaan panelis terhadap
produk olahan pangan tertentu.
Dalam uji ini panelis dimintakan tanggapan pribadinya tentang
kesukaan atau sebaliknya ketidaksukaan dengan mengisi formulir
penilaian yang telah disediakan oleh peneliti.
Disamping panelis mengemukakan tanggapan suka atau
kebalikannya, mereka juga memberikan komentar terhadap produk.
Dalam penganalisisan skala hedonik ditransformasi menjadi skala
numeric dengan angka menurut tingkat kesukaan.
DAMPAK PENERAPAN METODE SL-PTT ( SEKOLAH LAPANG
PENGELOLAAN TANAMAN TERPADU ) TERHADAP PENINGKATAN
PRODUKSI PADI DENGAN
PENDEKATAN REGRESI HEDONIK
Untuk mengetahui besarnya dampak metode SL-PTT digunakan
Analisis statistik berupa metode regresi hedonik.
Hasil analisis regresi hedonik didapatkan model yang
menghubungkan antara beberapa komponen teknologi dengan
produksi padi dimana model signifikan, dengan R2 model 0.901,
dan mean square error 0.045.
Model hasil analisis tersebut mampu membuktikan bahwa dengan
adanya metode SL-PT terjadi peningkatan produksi padi sebesar
19.7%
PEMBUATAN DODOL TAPE PISANG
Christina Timur Andriyani, 2005
Teknologi Jasa Dan Produksi, Fakultas teknik, Universitas Negeri Semarang.
Tujuan dari percobaan pembuatan dodol tape pisang adalah untuk mengetahui tingkat
kesukaan masyarakat terhadap dodol tape pisang, serta untuk mengetahui prospek usaha
dodol tape pisang ditinjau dari harga jualnya.
Untuk mengatahui tingkat kesukaan masyarakat terhadap dodol tape pisang adalah dengan
uji organoleptik. Uji organoleptik dilakukan dengan uji hedonik
panelis tidak terlatih sebanyak 80 orang.
(kesukaan) oleh
Hasil penilaian dodol tape pisang oleh 80 orang panelis menunjukkan bahwa aspek warna
dodol tape pisang banyak disukai masyarakat dengan prosentase 76,25%, aspek rasa dodol
tape pisang banyak disukai masyarakat dengan prosentase 76,56%, aspek aroma dodol tape
pisang banyak disukai masyarakat dengan prosentase 75,93%, dan aspek tekstur cukup
disukai masyarakat dengan prosentase 65,63%.
Hasil analisis data proses produksi menunjukkan bahwa total biaya produksi adalah Rp
10.644.606,00. Harga jual dodol tape pisang dihitung berdasarkan perolehan laba 10% dari
biaya variabel yang dikeluarkan dalam satu kali produksi sebanyak 42,5 kg. Harga jual dodol
tape pisang per kg adalah Rp 8.400,00 sedangkan harga jual dodo, tape pisang per 500 g
adalah Rp 4.200,00. pencapaian BEP setelah memproduksi sebanyak 13.963 kg, yang dapat
dicapai setelah melakukan
Pengaruh Motif Berbelanja Konsumen terhadap Pengambilan
Keputusan Pembelian pada Hypermart MATOS (Studi pada
Mahasiswa Fakultas Ekonomi Universitas Negeri Malang).
Nur Hamidah, Sudarmiatin dan Lohana Juariyah, 2010.
Program Studi Manajemen Pemasaran. Fakultas Ekonomi Universitas Negeri Malang.
Belanja merupakan kegiatan yang menyenangkan bagi sebagian orang dan juga merupakan
salah satu kegiatan rekreasi pada masyarakat dewasa ini. Berbeda dengan beberapa tahun
lalu, sekarang kegiatan belanja bukan hanya sebagai aktivitas rutin untuk memenuhi
barang-barang kebutuhan, tetapi sering kali kegiatan belanja menjadi hiburan untuk
menghilangkan kejenuhan dari aktivitas sehari-hari yang dilakukan.
Tujuan dari penelitian ini adalah untuk mengetahui (I) Deskripsi motif berbelanja konsumen
dan pengambilan keputusan pembelian di Hypermart Malang Town Square (2) Pengaruh
signifikan motif berbelanja (utilitarian shopping motives dan hedonic shopping motives)
secara parsial terhadap pengambilan keputusan pembelian di Hypermart Malang Town
Square. (3) Pengaruh signifikan motif berbelanja (utilitarian shopping motives dan hedonic
shopping motives) secara simultan terhadap pengambilan keputusan pembelian di
Hypermart Malang Town Square.
Penelitian ini merupakan penelitian deskriptif korelasional. Pada penelitian ini, variabel
bebas (X) yaitu motif berbelanja yang terdiri dari dua subvariabel yaitu utilitarian shopping
motives) dan hedonic shopping motives. Sedangkan variabel terikatnya (Y) adalah
pengambilan keputusan pembelian.
Pengaruh Motif Berbelanja Konsumen terhadap Pengambilan Keputusan
Pembelian pada Hypermart MATOS (Studi pada Mahasiswa Fakultas Ekonomi
Universitas Negeri Malang).
Nur Hamidah, Sudarmiatin dan Lohana Juariyah, 2010.
Program Studi Manajemen Pemasaran. Fakultas Ekonomi Universitas Negeri Malang.
Populasi dalam penelitian ini adalah Mahasiswa Fakultas Ekonomi Universitas Negeri Malang yang
pernah berbelanja di Hypermart MATOS, yang jumlahnya tak terhingga. Untuk menentukan sampel
digunakan rumus Daniel and Terrel, dengan tingkat kesalahan sebesar 0,05.
Hasil penelitian menyimpulkan bahwa sebagian besar responden memiliki motif belanja utilitarian
shopping motives dan hedonic shopping motives. Sebagian besar responden adalah mahasiswa
Manajemen angkatan 2007 dengan jenis kelamin perempuan. Responden berbelanja minimal 1 kali
dalam sebulan pada waktu sore dan malam hari. Meskipun keputusan pembelian konsumen dapat
dipengaruhi oleh hedonic shopping motives, namun utilitarian shopping motives tetap memiliki
pengaruh yang besar. Sebagian besar responden laki-laki memiliki motif belanja utilitarian shopping
motives.
Untuk menarik konsumen tipe hedonic shopping motives, perusahaan perlu menciptakan suasana
belanja yang nyaman dan menyenangkan sehingga konsumen akan betah berlama-lama di Hypermart.
Pemberian diskon, produk yang mengikuti tren dan mode terbaru juga dapat menarik konsumen tipe
hedonic shopping motives.
A Critical Review of Literature on the Hedonic Price Model
and Its Application to the Housing Market in Penang
The hedonic price model, derived mostly from Lancaster’s (1966) consumer theory and
Rosen’s (1974) model, posits that a good possesses a myriad of attributes that combine to
form bundles of utility-affecting attributes that the consumer values.
Typically, a piece of property should command a higher price if it contains more of a
desired attribute, or more desired attributes. We have sampled 120 condominium
transactions in Penang to illustrate the applicability of the hedonic price model.
The results show that all the coefficients are highly significant and of the expected sign.
The empirical results also suggest that condominium units in Penang are very
homogeneous, which is a very desirable characteristic for application of the hedonic price
model.
However, because preferred housing attributes may vary according to cultural and
idiosyncratic factors, the attributes identified in previous studies, mostly in western
countries, may not be sufficient in formulating the hedonic price models in Penang. There
may be other attributes that are not significant in markets in western countries but
significant in Penang.
The hedonic price method in real estate and housing market
research. A review of the literature.
Herath, Shanaka and Maier, Gunther (2010)
SRE - Discussion Papers, 2010/03. WU Vienna University of Economics and Business,
Vienna.
The Hedonic Price Method (HPM), also known as hedonic regression, is used for estimating the value
of a commodity or the demand for a commodity. The HPM has been extensively used in real estate
and housing market research in the recent past. In this paper, we discuss theoretical and
methodological developments related to hedonic regression and undertake an examination of use of
this methodology in the recent real estate and housing literature. We first define the HPM, and
explain the fundamentals behind the methodology.
The idea behind the HPM is that the commodities are characterized by their constitute properties,
hence the value of a commodity can be calculated by adding up the estimated values of its separate
properties. In the second part of the paper, we emphasise that the heterogeneous nature of real
estate property justifies the use of HPM for estimating their value or demand. We also take a stock
of most cited empirical studies on real estate and housing using the HPM, and classify those into
several categories.
The classification indicates that neighbourhood characteristics of real estate are relatively overresearched as a determinant of price or rent. It also shows that implicit value of structural
characteristics is under-researched. In general, implicit value of environmental amenities in the
neighbourhood and air pollution are relatively overresearched. The effect of social factors, i.e. racial
segregation and crimes on real estate value is under-researched.
ESTIMATION OF A HEDONIC PRICING MODEL FOR MEDIGAP INSURANCE
John Robst
Health Serv Res. 2006 December; 41(6): 2097–2113.
This paper uses a unique database to examine premiums paid by beneficiaries for Medigap
supplemental coverage. Average premiums charged by insurers are reported, as well as
premiums by enrollee age and gender, and additional policy characteristics. Marginal prices
for Medigap benefits are estimated using hedonic price regressions. In addition, the paper
considers how additional policy characteristics and geographic differences in the use and
cost of medical care affect premiums.
Hedonic pricing equations are used to estimate implicit prices for Medigap benefits.
With the exceptions of the part B deductible and drug benefit, Medigap supplemental
insurance is priced consistent with the actuarial value of benefits offered under the
standardized plans. Premiums vary substantially based on rating method, whether the
policy is guaranteed issue, Medigap Select, or explicitly for smokers. Premiums increase
with enrollee age, but do not vary between men and women.
The relationship between premiums and enrollee age varies across rating methods.
Attained-age policies show the strongest relationship between age and premiums, while
community-rated premiums, by definition, do not vary with age. Medigap supplemental
insurance premiums are higher in states with poorer health, greater utilization, and greater
managed care penetration.
THE AMENITY VALUE OF ENGLISH NATURE: A HEDONIC PRICE APPROACH
Steve Gibbons, Susana Mourato, Guilherme Resende
Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0074, 2011.
Using a hedonic property value price approach, we estimate the amenity value associated with
proximity to habitats, designated areas, domestic gardens and other natural amenities in England.
There is a long tradition of studies looking at the effect of a wide range of environmental amenities and
disamenities on property prices. But, to our knowledge, this is the first nationwide study of the value of
proximity to a large number of natural amenities in England.
We analysed 1 million housing transactions over 1996-2008 and considered a large number of
environmental characteristics.
Results reveal that the effects of many of these environmental variables are highly statistically
significant, and are quite large in economic magnitude. Gardens, green space and areas of water within
the census ward all attract a considerable positive price premium. There is also a strong positive effect
from freshwater and flood plain locations, broadleaved woodland, coniferous woodland and enclosed
farmland. Increasing distance to natural amenities such as rivers, National parks and National Trust
sites is unambiguously associated with a fall in house prices. Our preferred regression specifications
control for unobserved labour market and other geographical factors using Travel to Work Area fixed
effects, and the estimates are fairly insensitive to changes in specification and sample.
This provides some reassurance that the hedonic price results provide a useful representation of the
values attached to proximity to environmental amenities in England. Overall, we conclude that the
house market in England reveals substantial amenity value attached to a number of habitats,
designations, private gardens and local environmental amenities.
HEDONIC PRICE EFFECTS OF PEDESTRIAN- AND TRANSIT-ORIENTED
DEVELOPMENT
Keith Bartholomew
Department of City & Metropolitan Planning, University of Utah, Salt Lake City, UT,
USA, bartholomew@arch.utah.edu
Reid Ewing
Department of City & Metropolitan Planning, University of Utah, Salt Lake City, UT, USA
Recent consumer surveys and demographic analyses have indicated a growing market for
pedestrian- and transit-designed development. Theoretically, this market shift should be
reflected in the price people are willing to pay for those styles of development.
This article traces the literature that uses hedonic price methods for testing this hypothesis,
either by assessing pedestrian/transit-design development holistically or by evaluating its
component parts.
The literature confirms that the market shift is, indeed, being capitalized into real estate
prices and demonstrates that the amenity-based elements of transit-designed
development play an important positive role in urban land markets, independent of the
accessibility benefits provided by transit.