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Are there any viable alternatives to a hedonic pricing model when trying to explain the effect that individual variables have on the sales price of a home? It seems like hedonic models are the standard for this type of analysis, but they are often criticized for their inability to handle multicollinearity among the independent variables.

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My knowledge of economics is mostly limited to laboratory behavioral economics, but as I understand it, "hedonic models" and "hedonic regression" just refer to particular applications of ordinary least-squares regression. In that case, any of the usual tools for regression with possibly correlated or redundant predictors, such as ridge regression or principle-component regression, should be fine.

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