Aplicação do método de preços hedônicos na precificação de atributos raros de peças filatélicas e construção de carteiras eficientes

Abstract

This work applies hedonic pricing method to estimate the implicit value of rare attributes of stamps issued during the Brazilian imperial period (1843-1889), using their annual prices between years 1954 and 1988. First, estimated implicit prices are used in calculating average returns and their variance-covariance matrix. Second, these results are employed in the construction of efficient portfolios using Markowitz' approach. Results show evidences that efficient portfolios should be composed of few stamps. Moreover, we found that investing in stamps is not profitable.