Implicit markets and the demand for housing characteristics |
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| Affiliation: | 1. Woods Hole Oceanographic Institution, Marine Policy Center, Woods Hole, MA 02543, United States;2. University of Southern Denmark, Department of Sociology, Environmental and Business Economics, Degnevej 14, Esbjerg Ø DK-6705, Denmark;3. Quinault Fisheries Department, Quinault Indian Nation, Taholah, WA 98587, United States;1. School of Finance, Zhejiang University of Finance and Economics, Hangzhou 310018, China;2. School of Economics, Zhejiang University of Finance and Economics, Hangzhou 310018, China. |
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| Abstract: | Important methodological problems in applying Rosen's (1974) model of implicit markets to housing characteristics are inadequately addressed in the literature. This paper summarizes these methodological issues and discusses advantages and disadvantages of various means of coping with these problems in empirical applications. Structural housing characteristics demand estimates are presented, along with an assessment of their accuracy. The results generally are insensitive to specification choices, suggesting the findings are plausible. |
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