PANEL DATA HEDONICS: ROSEN'S FIRST STAGE AS A SUFFICIENT STATISTIC

• 成果类型: Article
• 署名作者: Banzhaf, H. Spencer
• 署名单位: National Bureau of Economic Research; University System of Georgia; Georgia State University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12446
• 发表日期: 2020
• 页码: 973-1000
• 关键词: equilibrium-models; demand; identification; capitalization; benefits; school

摘要

Traditional cross-sectional estimates of hedonic price functions can recover marginal willingness to pay for characteristics, but face endogeneity problems for estimating nonmarginal welfare measures. This article shows that when panel data on household demands are available, one can construct a second-order approximation to nonmarginal 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.