Advanced Search
MyIDEAS: Login

Prix hédoniques et estimation d'un modèle structurel d'offre et de demande de caractéristiques [Une application au marché de la location de logements en France ]

Contents:

Author Info

  • Eric Skhiri
  • Olivier Marchand
Registered author(s):

    Abstract

    [fre] Prix hédoniques et estimation d'un modèle structurel d'offre et de demande de caractéristiques, . par Olivier Marchand et Eric Skhiri.. . L'analyse des prix hédoniques est l'une des premières qui ait été menée sur le marché français de la location immobilière. Les données proviennent d'enquêtes transversales effectuées dans huit villes françaises de province. Une transformation Box-Cox permet d'obtenir la meilleure forme de fonction. La régression hédonique est tout à fait satisfaisante, l'écart de 66% s'expliquant par le modèle. Un modèle structurel d' offre et de demande de caractéristiques peut en outre être validé. Le problème de la simultanéité est résolu par l'utilisation de la variable muette "ville" en tant que variable instrumentale. Nous obtenons ainsi le premier essai d'estimation des facteurs de l'offre et de la demande de caractéristiques en France. [spa] Precios hedonistas y modelo de estimación estructural de oferta y de demanda de características : una aplicación para el mercado del alquiler de viviendas, . por Olivier Marchand y Eric Skhiri.. . Este análisis de precios hedonistas es uno de los primeros que se han llevado a cabo en el mercado francés de las viviendas alquiladas. Los datos consisten en encuestas transversales en ocho ciudades francesas (de provincia). Se utiliza una transformación Box-Cox para obtener la mejor forma funcional. La regresión hedonista es bastante satisfactoria, con el 66% de variación explicada por el modelo. Asimismo, un modelo estructural de la oferta y de la demanda de características puede ser validado. El problema de sïmultaniedad parece ser resuelto con la utilización de la variable ficticia "ciudad" como una variable instrumental. Así obtenemos el primer intente de estimación de los factores de oferta y de demanda de características en Francia. [ger] Schätzung hedonistischer Preise und eines Strukturmodells der Merkmalsnachfrage und des Merkmalsangebotes: eine Anwendung auf den französischen Markt für Mietwohnungen, . Von Olivier Marchand und Eric Skhiri.. . Diese Analyse hedonistischer Preise ist eine der ersten, die über den französischen Markt fur Mietwohnungen durchgeführt worden sind. Die Daten stammen aus Querschnittsanalysen in acht französischen Städten in der Provinz. Um die beste funktionale Form erhalten zu können, wird eine Box-Cox-Transformation verwandt. Da sich mit diesem Modell 66% der Varianz erklären lassen, ist die hedonistische Regression recht zufriedenstellend. Ferner wird dabei die Relevanz eines Strukturmodells der Merkmalsnachfrage und des Merkmalsangebotes nachgewiesen. Es wird aufgezeigt, daß sich das Simultaneitätsproblem durch die Verwendung des Stadt-Dummy als Instrumentalvariable lösen läßt. Somit erhalten wir den ersten Versuch, die Faktoren der Merkmalsnachfrage und des Merkmalsangebotes in Frankreich zu schätzen. [eng] Hedonic Prices and a Structural Model Estimate of the Supply and Demand of Characteristics: Application to the French Rental Housing Market, . by Olivier Marchand and Eric Skhiri .. . This hedonic price analysis is one of the first to be made of the French rental housing market. The data are taken from cross-sectional surveys in eight French towns (excluding the Paris area). A Box-Cox transformation is used to obtain the best functional form. The hedonic regression is found to be fairly satisfactory with 66% of variance explained by the model. Furthermore, a structural model of the supply and demand of characteristics is validated. The problem of simultaneity is solved by using the town dummy as an instrumental variable. We therefore make the first attempt to estimate the factors of the supply and demand of characteristics in France.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://dx.doi.org/doi:10.3406/ecop.1995.5766
    Download Restriction: no

    File URL: http://www.persee.fr/articleAsPDF/ecop_0249-4744_1995_num_121_5_5766/ecop_0249-4744_1995_num_121_5_5766.pdf?mode=light
    Download Restriction: no

    Bibliographic Info

    Article provided by Programme National Persée in its journal Économie & prévision.

    Volume (Year): 121 (1995)
    Issue (Month): 5 ()
    Pages: 127-140

    as in new window
    Handle: RePEc:prs:ecoprv:ecop_0249-4744_1995_num_121_5_5766

    Note: DOI:10.3406/ecop.1995.5766
    Contact details of provider:
    Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecop

    Related research

    Keywords:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Straszheim, Mahlon R, 1974. "Hedonic Estimation of Housing Market Prices: A Further Comment," The Review of Economics and Statistics, MIT Press, vol. 56(3), pages 404-06, August.
    2. Yoshitsugu Kanemoto, 1985. "A New Approach to the Estimation of Structural Equations in Hedonic Models," Working Papers 595, Queen's University, Department of Economics.
    3. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
    4. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February.
    5. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
    6. Kinzy, Scott A., 1992. "An analysis of the supply of housing characteristics by builders within the Rosen framework," Journal of Urban Economics, Elsevier, vol. 32(1), pages 1-16, July.
    7. Witte, Ann D & Sumka, Howard J & Erekson, Homer, 1979. "An Estimate of a Structural Hedonic Price Model of the Housing Market: An Application of Rosen's Theory of Implicit Markets," Econometrica, Econometric Society, vol. 47(5), pages 1151-73, September.
    8. Guasch, J. Luis & Marshall, Robert C., 1985. "Age of rental housing units and vacancy characteristics A filtering explanation," Regional Science and Urban Economics, Elsevier, vol. 15(3), pages 403-419, August.
    9. Lucas, Robert E B, 1975. "Hedonic Price Functions," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 157-78, June.
    10. Yoshitsugu Kanemoto, 1985. "Hedonic Prices and the Benefits of Public Projects," Working Papers 617, Queen's University, Department of Economics.
    11. Murray, Michael P., 1983. "Mythical demands and mythical supplies for proper estimation of Rosen's hedonic price model," Journal of Urban Economics, Elsevier, vol. 14(3), pages 327-337, November.
    12. Mendelsohn, Robert, 1984. "Estimating the Structural Equations of Implicit Markets and Household Production Functions," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 673-77, November.
    13. Polinsky, A Mitchell & Shavell, Steven, 1975. "The Air Pollution and Property Value Debate," The Review of Economics and Statistics, MIT Press, vol. 57(1), pages 100-104, February.
    14. Montgomery, Claire, 1992. "Explaining home improvement in the context of household investment in residential housing," Journal of Urban Economics, Elsevier, vol. 32(3), pages 326-350, November.
    15. Mendelsohn, Robert, 1985. "Identifying Structural Equations with Single Market Data," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 525-29, August.
    16. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
    17. Marshall, Robert C & Guasch, J Luis, 1983. "Occupancy Discounts in the U.S. Rental Housing Market," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 45(4), pages 357-78, November.
    18. Bartik, Timothy J, 1987. "Estimating Hedonic Demand Parameters with Single Market Data: The Problems Caused by Unobserved Tastes," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 178-80, February.
    19. James N. Brown, 1983. "Structural Estimation in Implicit Markets," NBER Chapters, in: The Measurement of Labor Cost, pages 123-152 National Bureau of Economic Research, Inc.
    20. Ohsfeldt, Robert L & Smith, Barton A, 1985. "Estimating the Demand for Heterogeneous Goods," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 165-71, February.
    21. Freeman, A Myrick, III, 1974. "Air Pollution and Property Values: A Further Comment," The Review of Economics and Statistics, MIT Press, vol. 56(4), pages 554-56, November.
    22. Polinsky, A Mitchell, 1979. "The Demand for Housing: An Empirical Postscript," Econometrica, Econometric Society, vol. 47(2), pages 521-23, March.
    23. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc.
    24. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    25. Diamond, Douglas Jr. & Smith, Barton A., 1985. "Simultaneity in the market for housing characteristics," Journal of Urban Economics, Elsevier, vol. 17(3), pages 280-292, May.
    26. Allen C. Goodman & Masahiro Kawai, 1985. "Length-of-Residence Discounts and Rental Housing Demand: Theory and Evidence," Land Economics, University of Wisconsin Press, vol. 62(2), pages 93-105.
    27. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:prs:ecoprv:ecop_0249-4744_1995_num_121_5_5766. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.