Setting the standard in
quantitative collectible research.
Hedonix builds methodology-open research and risk-adjusted analytics for serious collectors and institutional investors in collectible markets.
Build the leading quantitative risk-analytics platform for collectible markets.
Empower serious collectors and institutional investors with methodology-open research and risk-adjusted analytics.
Why this,
why now.
Hedonix Research was founded in Frankfurt am Main as a quantitative study of the Pokémon TCG sekundärmarkt. The project started inside Goethe University Frankfurt as independent research and now operates as a private working paper series, with its first publication available in full on the research page.
The methodology is open by design. Working papers document every regression, every robustness check, and every negative finding. We do not publish directional calls and we do not market alpha. Hedonix is a risk-management framework, closer to a credit-rating methodology than to a tip sheet.
Current research scope is Pokémon TCG. The longer-term scope spans Japanese cards, vintage WOTC-era product, sealed product, and eventually sport cards. The quantitative core (hedonic pricing, risk-cohort assignment, multi-anchor validation) is asset-agnostic and ports cleanly across these markets.
Objective by definition.
Quantitative by design.
Hedonic Pricing
At Hedonix valuation must be objective. Collectibles, like any complex asset, are bundles of measurable traits. Hedonic regression strips away subjective market emotion and calculates intrinsic value based on fundamental variables: set mechanics, supply metrics, and rarity tiers. The architecture leaves no room for bias. It delivers a structural baseline, not an opinion.
Six Sigma (6σ)
At Hedonix risk management is quantitative by design. The H6 framework treats each card as a known distribution rather than a point estimate. Drawdown bounds, variance, and concentration are measured directly. Downside protection precedes upside speculation.
Philipp Baro
Founder, Hedonix Research
Philipp applies a quantitative finance background to collectible markets, with a focus on hedonic regression, multi-anchor backtests, and risk-adjusted cohort assignment.
He builds Hedonix Research from Frankfurt parallel to ongoing bachelor's studies at Goethe University.
Open methodology is the operating principle. The working paper is public, every regression is documented, and the research is held to the standards of the academic finance literature it borrows from.