基于特征价格模型的住宅需求价格弹性分析——深圳住宅市场实证研究

基于特征价格模型(hedonic model)分析住宅价格包络函数曲线形态,边际价格增长速度随着特定特征值递增从呈现下降趋势转为呈上升趋势,即均衡价格曲线从凹向特征值轴转为凸向特征值轴.通过对深圳经济特区内外的两个住宅交易子样本进行hedonic分析,结果表明,均衡价格的增长速度随着特征变量面积的变化呈现由凹变凸的趋势...     

Permanent income,hedonic prices,and demand for housing: New evidence

Housing demand is examined by looking quite specifically at the income and price variables based on individual household data. Permanent and transitory incomes are computed through instrumental variables related to human and nonhuman wealth. A price is constructed by spatially varying hedonic techniques. Separation of measured income into permanent and transitory components substantially improves the predictive power of the housing demand estimation and leads to demand elasticities of +1 and ?1 with respect to permanent income and price. The permanent income elasticity is roughly twice the measured income elasticity.     

Choice of Treatment Intensities by a Nonprofit Hospital Under Prospective Pricing

Under prospective pricing, payers for health care essentially use price regulation of hospitals as a way of indirectly regulating the provision of treatment intensity. This paper presents a theory of how a nonprofit hospital selects treatment intensities for its products given the payer's choice of prices and then determines how the payer should select prices in light of this theory. The main result is that, in equilibrium, the ratio of price to marginal cost will vary across products inversely with the elasticity of demand with respect to treatment intensity. This means that, generally, the hospital will earn positive (negative) accounting profit on products with low-(high-) intensity elasticities of demand.     

Hedonic markets and sorting equilibria: Bid-function envelopes for public services and neighborhood amenities

Hedonic regressions with house value as the dependent variable are widely used to study public services and neighborhood amenities. This paper builds on the theory of household bidding and sorting across communities to derive bid-function envelopes, which provide a form for these regressions. This approach allows for household heterogeneity and multiple amenities, yields estimates of the price elasticity of amenity demand directly from the hedonic without a Rosen two-step procedure, and provides tests of hypotheses about sorting. An application to Cleveland area data from 2000 yields price elasticities for school quality and neighborhood ethnic composition and supports the sorting hypotheses.     

Cost-based decision rules for output,quality, and price

The present paper develops a theoretical model to address the relationship between a firm's pricing policy and its cost of increasing product quality. The model expresses both firm costs and firm revenues as functions of the quantity of a firm's output and overall product quality, where quality is expressed as quantity times quality per unit. The model starts with a generic good that measures output, and models quality as priced quality enhancement for each unit of the generic good. The model leads to decision rules by which the price of quality is a mark-up over the marginal cost of increasing product quality. The relationship between the price of quality and revenues from increasing output is also determined, and is conditioned by the sign and magnitude of the elasticity of demand for quality.     

Residential choice,hedonic prices,and the demand for urban air quality

This paper uses a two-step estimation procedure suggested by Sherwin Rosen to estimate structural demand and supply equations for urban air quality. In the first step, a hedonic price equation is estimated for residential property values for the Washington, D. C., SMSA for 1970. In the second step, a set of marginal hedonic prices is generated. These prices and the quantity of clean air (reciprocal of air pollution) are used as endogenous variables in a simultaneous equation model. Empirical results indicate a price elasticity of demand between ?1.2 and ?1.4 and a unitary income elasticity.     

Price and quality decisions under network effects

I analyse monopoly pricing and quality decisions under network effects. High quality premium and low quality punishment are found to depend on how the impact of marginal costs on quality relates to the intensity of the network effect and the optimism of the producer about final demand. More precisely, marginal costs have to be low enough (but not too low) with respect to the intensity of the network effects and/or the optimism about final demand so that higher prices reflect higher quality. A similar conclusion can be drawn about incentives for quality provision, whenever quality is considered endogenous together with price.     

Stranded costs,access charges,and Ramsey pricing in the U.S. electric utility industry

As a consequence of expected partial deregulation in the U.S. electric utility industry, “stranded costs” may be passed on to ratepayers. This paper applies Ramsey pricing to this issue, with particular emphasis on the “elasticity of exit”. That class with the greater elasticity of exit will optimally have a larger unbundled access price mark-up. With inclusion of a one-time exit fee, the optimal access charge for every class is equal to the marginal cost of transmission and distribution. Under certain conditions, the exit fee for the competitive class decreases as the elasticity of exit with respect to the exit fee increases.     

Love thy neighbor: Income distribution and housing preferences

Do homeowners prefer living in an area with a more equal distribution of income? We answer this question by estimating a semi-parametric hedonic pricing model for about 90,000 housing units transacted in Hong Kong between 2005 and 2006. We first identify a hedonic price function by locally regressing the rental price of the housing unit on its intrinsic and neighborhood characteristics, one of which is the Gini coefficient for household income of the constituency area. We then combine the estimates with a log utility function to obtain the heterogeneous preference parameters. Finally, we estimate the joint distribution of the preference parameters and demographics. We find that most homeowners have a strong distaste for inequality in their neighborhood, and the distaste increases with income and goes down with education level. Counterfactual experiments show that reallocating public rental housing by half can increase the welfare of homeowners by about HK$8,000 on average per year, an amount which is equivalent to increasing the housing unit by 20 square feet or reducing the age of the unit by 5 years.     

Hiring,firing, and relocation under employment protection

We analyze how hiring and firing costs as well as firing regulatory delays affect firms’ hiring, firing, and relocation policy with a stochastic control model. These frictions are substantial; e.g. the firing delay can be almost a year. In the model hiring and firing costs depend on the firm size and the number of people hired or fired. Based on our simulations, hiring and firing elasticities without relocation are highest with respect to demand and productivity volatility and the hiring and firing variable costs. The elasticity of firing due to relocation is highest with respect to the firm-sized firing cost.     

The demand for housing in developing countries: The case of Korea

This paper presents the results of an analysis of urban housing demand for Korea taking into account the most recent findings of housing demand analysis concerning specification and aggregation biases. In order to obtain correctly specified demand functions, a procedure based on a model of the housing market originally proposed by Muth is used. Drawing on the detailed land information available in Korea, this procedure permits the calculation of an individual price per unit of housing services for each household. The results show conclusively that both the income and price elasticity of the demand for housing services in Korea are comparable to those found in the United States: the income elasticity is smaller than one and the price elasticity is negative and smaller than one in absolute value. Given the number of countries found within the per capita income range between Korea ($700) and the United States ($7800), the finding that these two countries have comparable demand elasticities is of major significance: in the absence of good national estimates, the order of magnitudes found here would be used for other country analyses.     

Multi‐unit pricing

A price takes the form of a cost for either one unit (single‐unit pricing) or multiple units (multi‐unit pricing). I consider a monopolist selling units of a good to a population of homogeneous consumers to explain why one is preferred to the other. A mental cost arises if the division problem a multi‐unit price causes is done. If marginal utility remains high multiple units are desired. Multi‐unit pricing is preferred since it creates a cost if fewer units are purchased. If utility exhibits strong diminishing returns single‐unit pricing is used to avoid the calculation. Copyright © 2008 John Wiley & Sons, Ltd.     

Optimal Two‐Part Pricing under Demand Uncertainty

This paper examines the pricing behavior of a risk‐averse monopolistic firm under demand uncertainty. The firm produces a single good at a constant marginal cost. To facilitate sales, the firm uses a two‐part pricing contract that includes a membership fee and a selling price per unit. The good is sold to a continuum of heterogeneous consumers who are subject to a common demand shock. We show that the global and marginal effects of risk aversion are to push the unit price closer to the constant marginal cost and to shrink the market coverage so as to limit the firm’s risk exposure to the demand uncertainty. The more risk‐averse firm as such charges a higher membership fee to consumers. We further show that an increase in the fixed cost of production induces the firm to lower (raise) the unit price, to raise (lower) the membership fee, and to shrink (enlarge) the market coverage under decreasing (increasing) absolute risk aversion. The firm’s optimal two‐part pricing contract, however, is unaffected by changes in the fixed cost under constant absolute risk aversion. Finally, we show that a mean‐preserving‐spread increase in the demand uncertainty induces the firm to lower the unit price, to raise the membership fee, and to shrink the market coverage under either decreasing or constant absolute risk aversion. The firm’s risk preferences as such play a pivotal role in determining the optimal two‐part pricing under demand uncertainty. Copyright © 2013 John Wiley & Sons, Ltd.     

Declining prices and optimality when costs follow an experience curve

There is a widely held notion that as production costs decline with experience, prices should follow more or less in parallel. Although this notion has been an important factor in estimating experience curves and in formulating corporate strategies, we show that it is generally inconsistent with published multiperiod optimal pricing models. The paper then goes on to demonstrate that this apparent conflict can be reconciled by allowing the demand process to exhibit increasing price elasticity over time. Since this demand characteristic is very plausible for innovative products, we suggest it be incorporated into optimal pricing models.     

Edge versus center: finding common ground in the capitalization debate

A continuing debate questions whether capitalization of taxes and public services into house price occurs. The current study argues for an inverse relationship between housing supply elasticity and capitalization rates. A sample is split into houses on the interior and edge of the urban area. Capitalization of schooling and crime occurs everywhere, but it is weaker toward the edge of an urban area where housing supply elasticities and developer activity are greater. Tax results are less robust, but the capitalization rates of crime and school quality are roughly twice as strong on the interior than on the urban fringe.     

Demographics, dividend clienteles and the dividend premium

The catering theory of dividends proposed that corporate dividend policy is driven by prevailing investor demand for dividend payers, and that managers cater to investors by paying dividends when the dividend premium is high. While earlier research found that the dividend premium is not driven by traditional clienteles derived from market imperfections such as taxes, transaction costs, or institutional investment constraints, we find empirical evidence that demographic clienteles are an important source of the time-varying demand for dividend payers. In particular, we find that, as consistent with the behavioural life-cycle theory and the marginal opinion theory of stock price, the dividend premium is positively driven by demographic clientele variation represented by changes in the proportion of the older population. Our results are robust when controlled for the factors of investor sentiment, signalling, agency costs, tax clienteles, time trend, business cycle fluctuations and varying sample periods.     

Equilibrium price and advertisement distributions

We consider an economy where many sellers sell identical goods to many buyers. Each seller has a unit supply and each buyer has a unit demand. The only possible information flow about prices is through costly advertising. We show that in equilibrium the sellers use mixed strategies in pricing which leads to price and advertisement distributions. With convex advertising costs each seller sends only one advertisement in the market. We also delineate a class of advertising costs which ensures that sellers may send multiple advertisements in equilibrium. Higher prices are advertised more than lower prices.     

纯分时定价与分时阶梯定价对政策目标实现的对比分析

基于双层需求模型,对分时阶梯定价与纯分时定价下的居民电力需求行为进行比较。利用相对需求方程检验两类定价下的相对需求是否具有非位似偏好性质,运用绝对需求方程分析居民在峰谷时的不同弹性特征。研究结论表明,分时阶梯与纯分时定价下存在不同的收入和电费位似偏好性质;居民的价格与需求弹性显著不同;两类定价下可以实现的政策目标也存在明显差异。本文为系统比较非线性定价与线性定价下的需求奠定了基础。     

The demand for rental housing: Evidence from the Housing Allowance Demand Experiment

This paper provides new evidence on the price and income elasticities of demand for rental housing by low income households. Housing expenditures of households participating in the Housing Allowance Demand Experiment and receiving housing allowances in the form of a proportional rent rebate are analyzed. These rent rebates experimentally vary the effective relative price of housing and thus enable estimation of the price elasticities. Natural income variation enables estimation of income elasticities. Analysis is carried out using two functional forms and a variety of models of housing dynamics. The estimated income and price elasticities of demand are 0.36 and −0.22, respectively. When the sample is restricted to include only households headed by couples, the elasticity estimates are 0.47 for income and −0.36 for price. These estimates are lower (in absolute value) than have been previously estimated and it is suggested that this may be due to the low-income nature of the sample.     

Estimating the Demand for Housing, Land, and Neighbourhood Characteristics

This paper provides estimates of the structure of demand for individual housing and neighbourhood characteristics and for land in two British cities. We estimate a hedonic price function, and from this obtain the implicit prices of house attributes. These prices are used to estimate a demand system for each city. These perform well, and enable us to calculate price and income elasticities for each of the non-dichotomous characteristics and for land. To counteract criticisms of demand estimates derived within the hedonic framework a method is developed for selecting an appropriate set of instrumental variables. Estimates derived from this method, however, differ only slightly from those obtained using the conventional techniques. Several features of these estimates provide insights into the unusual characteristics of the British housing market, the effects of constraints imposed by land use planning, and the effects of changing income distribution on the structure of demand.