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Identification and Estimation of Hedonic Models

Ekeland, Ivar; Heckman, James J.; Nesheim, Lars (2004), Identification and Estimation of Hedonic Models, The Journal of Political Economy, 112, S1, p. S60-S109. http://dx.doi.org/10.1086/379947

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Type
Article accepté pour publication ou publié
Date
2004
Journal name
The Journal of Political Economy
Volume
112
Number
S1
Publisher
University of Chicago Press
Pages
S60-S109
Publication identifier
http://dx.doi.org/10.1086/379947
Metadata
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Author(s)
Ekeland, Ivar
Heckman, James J.
Nesheim, Lars
Abstract (EN)
This paper considers the identification and estimation of hedonic models. We establish that in an additive version of the hedonic model, technology and preferences are generically nonparametrically identified from data on demand and supply in a single hedonic market. The empirical literature that claims that hedonic models estimated on data from a single market are fundamentally underidentified is based on arbitrary linearizations that do not use all the information in the model. The exact economic model that justifies linear approximations is unappealing. Nonlinearities are generic features of equilibrium in hedonic models and a fundamental and economically motivated source of identification.
Subjects / Keywords
additive hedonic models; semiparametric estimation
JEL
C31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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