Revisiting the hedonic price method in the presence of market segmentation
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- 作者：Marc Baudry ; Masha Maslianskaia-Pautrel
- 关键词：Hedonic modeling ; Discrete heterogeneity ; Vertical differentiation ; Environmental valuation
- 刊名：Environmental Economics and Policy Studies
- 出版年：2016
- 出版时间：October 2016
- 年：2016
- 卷：18
- 期：4
- 页码：527-555
- 全文大小：821 KB
- 刊物主题：Environmental Economics; Social Policy;
- 出版者：Springer Japan
- ISSN：1867-383X
- 卷排序：18
文摘
The article presents a theoretical analysis of the role of groupwise heterogeneity in the formation of hedonic prices. We show that in this case, submarkets emerge from market equilibrium. The existence of submarkets means that the hedonic price function is continuous, but the implicit price of characteristics is discontinuous at endogenous threshold values separating submarkets. Based on numerical simulations, the article highlights the way the groupwise heterogeneity could bias the estimation of the implicit price of environmental quality.