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"We propose a new strategy for a pervasive problem in the hedonics literature-recovering hedonic prices in the presence of time-varying correlated unobservables. Our approach relies on an assumption about homebuyer rationality, under which prior sales prices can be used to control for time-varying unobservable attributes of the house or neighborhood. Using housing transactions data from California's Bay Area between 1990 and 2006, we apply our estimator to recover marginal willingness to pay for reductions in three of the EPA's "criteria" air pollutants. Our findings suggest that ignoring bias from time-varying correlated unobservables considerably understates the benefits of a pollution reduction policy"--National Bureau of Economic Research web site.
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A theory-based approach to hedonic price regressions with time-varying unobserved product attributes: the price of pollution
2010, National Bureau of Economic Research
Electronic resource
in English
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Book Details
Edition Notes
Title from PDF file as viewed on 3/16/2010.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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Feedback?September 25, 2020 | Edited by MARC Bot | import existing book |
February 14, 2019 | Created by MARC Bot | import existing book |