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A Dynamic Model of Demand for Houses and Neighborhoods / Patrick Bayer, Robert McMillan, Alvin Murphy, Christopher Timmins.
- Format:
- Book
- Author/Creator:
- Bayer, Patrick.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w17250.
- NBER working paper series no. w17250
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- This paper develops a dynamic model of neighborhood choice along with a computationally light multi-step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. The model is estimated using a newly assembled data set that matches demographic information from mortgage applications to the universe of housing transactions in the San Francisco Bay Area from 1994- 2004. The results provide the first estimates of the marginal willingness to pay for several non-marketed amenities - neighborhood air pollution, violent crime and racial composition - in a dynamic framework. Comparing these estimates with those from a static version of the model highlights several important biases that arise when dynamic considerations are ignored.
- Notes:
- Print version record
- July 2011.
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