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A New Approach to Estimating the Production Function for Housing

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Author Info

  • Dennis Epple
  • Brett Gordon
  • Holger Sieg

Abstract

Dating to the classic works of Alonso, Mills, and Muth, the production function for housing has played a central role in urban economics and local public finance. This paper provides a new flexible approach for estimating the housing production function which treats housing quantities and prices as latent variables. The empirical analysis is based on a comprehensive database of recently built properties in Allegheny County, Pennsylvania. We find that the new method proposed in this paper works well in the application and provides reasonable estimates for the underlying production function. (JEL C51, D24, R11, R31)

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.3.905
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 100 (2010)
Issue (Month): 3 (June)
Pages: 905-24

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Handle: RePEc:aea:aecrev:v:100:y:2010:i:3:p:905-24

Note: DOI: 10.1257/aer.100.3.905
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Cited by:
  1. Andrew D. Paciorek, 2012. "Supply constraints and housing market dynamics," Finance and Economics Discussion Series 2012-01, Board of Governors of the Federal Reserve System (U.S.).
  2. Stephen M. Calabrese & Dennis N. Epple & Richard E. Romano, 2012. "Inefficiencies from Metropolitan Political and Fiscal Decentralization: Failures of Tiebout Competition," Review of Economic Studies, Oxford University Press, vol. 79(3), pages 1081-1111.
  3. Henderson, Daniel J., 2008. "A Nonparametric Examination of Capital-Skill Complementarity," IZA Discussion Papers 3865, Institute for the Study of Labor (IZA).

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