• Medientyp: E-Book
  • Titel: Hedonic Prices and Implicit Markets : Estimating Marginal Willingness to Pay for Differentiated Products Without Instrumental Variables
  • Beteiligte: Bishop, Kelly C. [Verfasser:in]; Timmins, Christopher [Sonstige Person, Familie und Körperschaft]
  • Erschienen: [S.l.]: SSRN, [2011]
  • Erschienen in: NBER Working Paper ; No. w17611
  • Umfang: 1 Online-Ressource (39 p)
  • Sprache: Englisch
  • Entstehung:
  • Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 2011 erstellt
  • Beschreibung: The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems. For example, Bartik (1987) and Epple (1987) each describe a source of endogeneity in the second stage of Rosen's procedure that has proven difficult to overcome. In this paper, we propose a new approach for recovering the marginal willingness-to-pay function that altogether avoids these endogeneity problems. Applying this estimator to data on large changes in violent crime rates, we find that marginal willingness-to-pay increases by ten cents with each additional violent crime per 100,000 residents
  • Zugangsstatus: Freier Zugang