Estimating the Demand for the Characteristics of Housing
The Review of Economics and Statistics
1984
A hstract-Estimates of the demand for the characteristics contained in a differentiated product such as housing can be based on hedonic regressions. However, previous studies have not dealt with several potential problems in such estimation. A more appropriate framework for the estimation is provided in this paper. Also data from a number of cities are used to eliminate the identification problem, and the endogeneity of the marginal prices derived from non-linear hedonic equations is considered in the estimation. The results on own and cross price elasticities, expenditure elasticities, and the effects of socio-economic vafiables accord well with expectations.
- DOI
- 10.2307/1924995
- Volume
- 66 (3)
- Pages
- 394
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