Drs. Muth And Mills Meet Dr. Tiebout: Integrating Location-Specific Amenities Into Multi-Community Equilibrium Models
AbstractWe consider the problem of integrating spatial amenities into locational equilibrium models with multiple jurisdictions. We provide sufficient conditions under which models that assume a single housing price in each community continue to apply in the presence of location-specific amenities that vary both within and across communities. If these conditions are satisfied, the models, estimation methods, and results in Epple and Sieg (1999) are valid in the presence of (potentially unobserved) location-specific amenities. We also show how to construct sufficient statistics that capture location specific spatial heterogeneity. We apply these techniques using data from the Pittsburgh metropolitan area. We find that these amenity measures capture proximity to important local employment centers as well as heterogeneity in school quality within a given school district. Copyright (c) 2009, Wiley Periodicals, Inc.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Regional Science.
Volume (Year): 50 (2010)
Issue (Month): 1 ()
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- Yannis M. Ioannides & Giorgio Topa, 2010.
"Neighborhood Effects: Accomplishments And Looking Beyond Them,"
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- Elena G. Irwin, 2010. "New Directions For Urban Economic Models Of Land Use Change: Incorporating Spatial Dynamics And Heterogeneity," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 65-91.
- Dennis Epple & Michael Peress & Holger Sieg, 2010. "Identification and Semiparametric Estimation of Equilibrium Models of Local Jurisdictions," American Economic Journal: Microeconomics, American Economic Association, vol. 2(4), pages 195-220, November.
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