Aggregation of Local Housing Markets
This article explores the implications of spatial aggregation for parameter estimates in models of the housing sector. Using illustrative static and dynamic models and realistic assumptions about the "true" parameter values at the level of the local market, the article characterizes and quantifies the bias resulting from spatial aggregation and then uses the results to shed light on some previous findings from aggregate modeling of the housing sector. Copyright 1998 by Kluwer Academic Publishers
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