Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 18, 2022 erstellt
Beschreibung:
Hedonic modeling has been used to examine the impacts of housing characteristics on selling prices. We apply a well-known control function approach to account for endogenous marketing time. This framework utilizes conditional heteroscedasticity of structural errors in the triangular model as an identification strategy without excluded instruments. We then estimate the price equation within quantile regression to account for heterogeneous effects of marketing time. We document substantial heterogeneity across the conditional distribution of housing prices, which shows a U-shaped relationship; the marketing time impact is substantially larger for lower and higher quantiles of selling prices than for median selling price