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https://hdl.handle.net/1959.11/12787
Title: | Pricing Opals: An Application of the Hedonic Method | Contributor(s): | Cornelius, Barbara (author); Trueman, John (supervisor); Rao, Prasada (supervisor) | Conferred Date: | 1986 | Copyright Date: | 1985 | Open Access: | Yes | Handle Link: | https://hdl.handle.net/1959.11/12787 | Abstract: | This study examines the pricing of opals using the hedonic method. The study has been undertaken because there has never previously been a systematic analysis of price determination for opals. Additionally, the opal industry is a significant part of the Australian economy. This justifies the development of a pricing formula based on a consistent opal nomenclature in order to provide a means for improving the efficiency of the opal industry. The study briefly outlines the current opal market structure emphasizing the inefficiencies that are a result of a poor information flow within the industry. The fact that information is not readily available to all interested parties is reflected in the lack of literature on the economics of opal production. A comparison of estimated valuations performed by retailers and wholesalers confirms the existence of this informational deficiency. The deficiency is further confirmed in tests of non-expert value and preference rankings when compared to the estimated valuations of the experts. The selected logarithmic model for wholesale prices is developed through the use of a multiple regression analysis of fifty-seven gems which were assessed on fourteen different characteristics. The model is then illustrated using only four gems and proves adequate in these cases. Finally the implications of the study, for the pricing of opals and for further research, are discussed. | Publication Type: | Thesis Masters Research | Rights Statement: | Copyright 1985 - Barbara Cornelius | HERDC Category Description: | T1 Thesis - Masters Degree by Research |
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Appears in Collections: | Thesis Masters Research |
Files in This Item:
File | Description | Size | Format | |
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open/SOURCE03.pdf | Abstract | 711.3 kB | Adobe PDF Download Adobe | View/Open |
open/SOURCE04.pdf | Thesis | 4.78 MB | Adobe PDF Download Adobe | View/Open |
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