A Theory-Based Approach to Hedonic Price Regressions with Time-Varying Unobserved Product Attributes: The Price of Pollution

Medientyp: E-Book

Titel: A Theory-Based Approach to Hedonic Price Regressions with Time-Varying Unobserved Product Attributes : The Price of Pollution

Beteiligte: Bajari, Patrick [Verfasser:in]; Timmins, Christopher [Sonstige Person, Familie und Körperschaft]; Cooley, Jane [Sonstige Person, Familie und Körperschaft]; Kim, Kyoo il [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, February 2010

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w15724

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Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: Mode of access: World Wide Web
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Beschreibung: 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

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