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Implicit pricing across residential rental submarkets
Authors:Marcus T Allen  Thomas M Springer  Neil G Waller
Institution:(1) College of Business, Dept. of Finance and Real Estate, Florida Atlantic University, P.O. Box 3091, 33431 Boca Raton, Florida;(2) Department of Finance, Clemson University, 29634 Clemson, South Carolina
Abstract:This paper examines implicit price differences of rental housing characteristics across various property types to measure whether determinants of rents are valued in the aggregate or separately. The results show that hedonic price functions are not identical across property types, which suggests that ordinary least squares is not the appropriate estimation technique when modeling the implicit prices for an aggregate rental market. Generalized least squares estimation of a random coefficient model removes the restriction of fixed parameters imposed by OLS and allows estimation of implicit prices for rental markets containing multiple property types.
Keywords:implicit prices  market segmentation  rental markets
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