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A theory-based approach to hedonic price regressions with time-varying unobserved product attributes : the price of pollution

Author: Patrick L Bajari; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 15724.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We propose a new strategy for a pervasive problem in the hedonics literature--recovering hedonic prices in the presence of time-varying correlated unobservables. Our approach relies on an assumption about homebuyer rationality, under which prior sales prices can be used to control for time-varying unobservable attributes of the house or neighborhood. Using housing transactions data from California's Bay Area between  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Patrick L Bajari; National Bureau of Economic Research.
OCLC Number: 505204309
Notes: "February 2010."
Title from http://www.nber.org/papers/w15724 viewed Feb. 8, 2010.
Description: 1 online resource (33 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 15724.
Responsibility: Patrick Bajari [and others].

Abstract:

We propose a new strategy for a pervasive problem in the hedonics literature--recovering hedonic prices in the presence of time-varying correlated unobservables. Our approach relies on an assumption about homebuyer rationality, under which prior sales prices can be used to control for time-varying unobservable attributes of the house or neighborhood. Using housing transactions data from California's Bay Area between 1990 and 2006, we apply our estimator to recover marginal willingness to pay for reductions in three of the EPA's "criteria" air pollutants. Our findings suggest that ignoring bias from time-varying correlated unobservables considerably understates the benefits of a pollution reduction policy.

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