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A New Approach to Estimating Equilibrium Models for Metropolitan Housing Markets

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  • Dennis Epple
  • Luis Quintero
  • Holger Sieg

Abstract

We provide a new estimator for a broad class of equilibrium models of metropolitan housing markets with housing differentiated by quality. Quality is a latent variable that captures all features of a dwelling and its environment. We estimate the model for Chicago and New York, obtaining hedonic housing price functions for each quality level for each metropolitan area, stocks of each quality, and compensating variations required for a household of a given income in Chicago to be equally well off in New York.

Suggested Citation

  • Dennis Epple & Luis Quintero & Holger Sieg, 2020. "A New Approach to Estimating Equilibrium Models for Metropolitan Housing Markets," Journal of Political Economy, University of Chicago Press, vol. 128(3), pages 948-983.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/704755
    DOI: 10.1086/704755
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    Cited by:

    1. H. Spencer Banzhaf & Kyle Mangum, 2019. "Capitalization as a Two-Part Tariff: The Role of Zoning," Working Papers 19-20, Federal Reserve Bank of Philadelphia.
    2. Jonathan Halket & Lars Nesheim & Florian Oswald, 2020. "The Housing Stock, Housing Prices, And User Costs: The Roles Of Location, Structure, And Unobserved Quality," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 61(4), pages 1777-1814, November.
    3. Victor Chernozhukov & Alfred Galichon & Marc Henry & Brendan Pass, 2021. "Identification of Hedonic Equilibrium and Nonseparable Simultaneous Equations," Journal of Political Economy, University of Chicago Press, vol. 129(3), pages 842-870.
    4. Allen Head & Huw Lloyd‐Ellis & Derek Stacey, 2023. "Heterogeneity, Frictional Assignment, And Home‐Ownership," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(3), pages 1265-1308, August.
    5. Eshaghnia, Sadegh S. M. & Heckman, James J. & Razavi, Goya, 2023. "Pricing Neighborhoods," IZA Discussion Papers 16234, Institute of Labor Economics (IZA).
    6. Holger Sieg & Chamna Yoon, 2019. "Waiting for Affordable Housing in New York City," NBER Working Papers 26015, National Bureau of Economic Research, Inc.
    7. Mense, Andreas, 2023. "Secondary housing supply," LSE Research Online Documents on Economics 118645, London School of Economics and Political Science, LSE Library.

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