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# yi = log10(price of the ith artwork at second sale)

## yi = log10(price of the ith artwork at second sale)

## - log10(price on its first sale date)

## Independent variables consist only of dummy variables, one for each time period in the sample except for the first.

## For each artwork, the dummy variables are zero except for the dummy corresponding to the second sale, where it is +1, and for the dummy corresponding to the first sale, where it is –1.

## The estimated coefficients are then taken as the log price index.