The Production Function for Housing: Evidence from France
成果类型：
Article
署名作者：
Combes, Pierre-Philippe; Duranton, Gilles; Gobillon, Laurent
署名单位：
Institut d'Etudes Politiques Paris (Sciences Po); University of Pennsylvania; Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS)
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/715076
发表日期：
2021
页码：
2766-2816
关键词：
摘要：
We propose a new nonparametric approach to estimate the production function for housing. Our estimation treats output as a latent variable and relies on a first-order condition for profit maximization combined with a zero-profit condition. More desirable locations command higher land prices and, in turn, more capital to build houses. For parcels of a given size, we compute housing production by summing across the marginal products of capital. For newly built single-family homes in France, the production function for housing is close to constant returns and is well, though not perfectly, approximated by a Cobb-Douglas function with a capital elasticity of 0.65.