英文标题：
《Towards a Monotonicity-Compliant Price Index for the Art Market》
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作者：
Ventura Charlin and Arturo Cifuentes
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最新提交年份：
2014
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英文摘要：
  Notwithstanding almost forty years of efforts, the market for paintings still lacks a widely accepted price index. In this paper, we introduce a simple and intuitive metric to construct such index. Our metric is based on the price of a painting divided by its area. This formulation rests on a solid mathematical foundation as it corresponds to a particular type of hedonic model. However, unlike indexes based on the time-dummy coefficients of conventional hedonic models, this index satisfies the monotonicity condition. We demonstrate with a simple example the advantages of our metric. We also show the dangers of relying on the time-dummy coefficients of conventional hedonic models to estimate returns and generate price indexes.
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中文摘要：
尽管经过近四十年的努力，绘画市场仍然缺乏一个被广泛接受的价格指数。在本文中，我们引入了一个简单直观的度量来构造这样的索引。我们的度量标准是一幅画的价格除以面积。这个公式建立在坚实的数学基础上，因为它对应于一种特定类型的享乐模型。然而，与基于传统享乐模型的时间虚拟系数的指数不同，该指数满足单调性条件。我们用一个简单的例子来说明我们的度量的优点。我们还展示了依赖传统特征模型的时间伪系数来估计收益和生成价格指数的危险。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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