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Search, Hedonic Prices and Housing Demand

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  • Kim, Sunwoong

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.

Suggested Citation

  • Kim, Sunwoong, 1992. "Search, Hedonic Prices and Housing Demand," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 503-508, August.
    • Handle: RePEc:tpr:restat:v:74:y:1992:i:3:p:503-08
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    Cited by:

    1. Taha Rashidi & Abolfazl Mohammadian & Frank Koppelman, 2011. "Modeling interdependencies between vehicle transaction, residential relocation and job change," Transportation, Springer, vol. 38(6), pages 909-932, November.
    2. Forgionne, G. A., 1996. "Forecasting army housing supply with a DSS-delivered econometric model," Omega, Elsevier, vol. 24(5), pages 561-576, October.
    3. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 813-886, Elsevier.
    4. Jos Van Ommeren & Mihails Hazans, 2008. "Workers' Valuation of the Remaining Employment Contract Duration," Economica, London School of Economics and Political Science, vol. 75(297), pages 116-139, February.
    5. Olayiwola Oladiran & Adesola Sunmoni & Saheed Ajayi, 2021. "What Property Attributes are important to UK University Students in their Online Accommodation Search?," AfRES 2021-004, African Real Estate Society (AfRES).
    6. Josep Maria Raya Vilchez & Aleksander Kucel, 2023. "How fiscal policy affects housing market dynamics: Evidence from Spain," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 323-347, April.
    7. Potrawa, Tomasz & Tetereva, Anastasija, 2022. "How much is the view from the window worth? Machine learning-driven hedonic pricing model of the real estate market," Journal of Business Research, Elsevier, vol. 144(C), pages 50-65.
    8. Andres Victorio, 2007. "Search theory and subsidized housing demand in New Zealand," Applied Economics Letters, Taylor & Francis Journals, vol. 14(6), pages 395-399.
    9. 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.
    10. Yang Zhang & Hong Zhang & Michael J. Seiler, 2014. "The Effects of Demand Specification and Search Patience on the Buyer Search Process in China's Resale Housing Market: An Experimental Study," International Real Estate Review, Global Social Science Institute, vol. 17(3), pages 275-299.
    11. Leech, Dennis & Campos, Erick, 2001. "Is Comprehensive Education Really Free? A Case Study Of The Effects Of Secondary School Admissions Policies On House Prices In One Local Area," Economic Research Papers 269352, University of Warwick - Department of Economics.

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