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Panel Data Hedonics: Rosen's First Stage as a "Sufficient Statistic" / H. Spencer Banzhaf.
- Format:
- Book
- Author/Creator:
- Banzhaf, H. Spencer.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w21485.
- NBER working paper series no. w21485
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Panel Data Hedonics
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2015.
- Summary:
- Traditional cross-sectional estimates of hedonic price functions can recover marginal willingness to pay for characteristics, but face endogeneity problems for estimating non-marginal welfare measures. I show that when panel data on household demands are available, one can construct a second-order approximation to non-marginal welfare measures using only the first-stage marginal prices. With repeated cross sections of product prices, the measure can be set identified or, under a single-crossing restriction, point identified. Bounds also can be constructed when there are mobility costs. Finally, a variant remains valid when individual preferences shift over time.
- Notes:
- Print version record
- August 2015.
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