Identification and estimation of hedonic models

• 成果类型: Article; Proceedings Paper
• 署名作者: Ekeland, I; Heckman, JJ; Nesheim, L
• 署名单位: University of British Columbia; University of Chicago; University of London; University College London; London School Economics & Political Science; University of London; University College London
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/379947
• 发表日期: 2004
• 页码: S60-S109
• 关键词: parameters; demand

摘要

This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically nonparametrically identified from data on demand and supply in a single hedonic market. The empirical literature that claims that hedonic models estimated on data from a single market are fundamentally underidentified is based on arbitrary linearizations that do not use all the information in the model. The exact economic model that justifies linear approximations is unappealing. Nonlinearities are generic features of equilibrium in hedonic models and a fundamental and economically motivated source of identification.