Conventional parametric techniques for estimating hedonic price models requ
ire a correct functional form. In this paper, we side-step this parametric
shortcoming by estimating a hedonic price model using average derivative es
timation (ADE). This semiparametric approach produces robust estimates of t
he marginal effects without assuming a specific functional form a priori. I
n our application of the model to a unique data set on Korean home prices,
ADE produced estimates consistent with prior expectations, providing initia
l evidence that the model may represent a viable alternative when using the
hedonic approach.