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Search, Hedonic Prices and Housing Demand

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Author Info
Kim, Sunwoong

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Abstract

The conventional model of the housing market does not take into account the search process for a suitable housing unit. Based on a dynamic search theory, this paper develops and estimates a truncated regression model of the rental housing market with stochastic and unobserved truncation points. The author's model provides a joint estimation of the hedonic rice and the reservation rent equations. The results turn out to be superior to the ordinary least squares estimates of either the traditional housing demand function or the hedonic price equation. Copyright 1992 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 74 (1992)
Issue (Month): 3 (August)
Pages: 503-08
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Handle: RePEc:tpr:restat:v:74:y:1992:i:3:p:503-08

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  1. Leech, D. & Campos, E., 2000. "Is Comprehensive Education Really Free? A Study of the Effects of Secondary School Admissions Policies on House Prices," The Warwick Economics Research Paper Series (TWERPS) 581, University of Warwick, Department of Economics. [Downloadable!]
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