Estimating bargaining power in the market for existing homes

• 成果类型: Article
• 署名作者: Harding, JP; Rosenthal, SS; Sirmans, CF
• 署名单位: University of Connecticut; Syracuse University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465303762687794
• 发表日期: 2003-02
• 页码: 178-188
• 关键词: discrimination; duration; demand; prices; GENDER; RACE

摘要

Although bargaining is common in markets for heterogeneous goods, it has largely been ignored in the hedonic literature. In a break from that tradition, we establish sufficient conditions that permit one to identify the effect of buyer and seller bargaining on hedonic models. Our model is estimated using a previously overlooked feature of the American Housing Survey that permits us to observe characteristics of both buyers and sellers. Results suggest that household wealth, gender, and other demographic traits influence bargaining power. In addition, variation in bargaining power arising from the presence of school-age children accounts for anomalous seasonal patterns reported in various widely cited indices of quality-adjusted house prices.