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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.109,P.66-83

语言

英文

关键字

Crime; Hedonic demand; Willingness to pay; IMPLICIT MARKETS; HEDONIC PRICES; HOUSING VALUES; DEMAND; EQUILIBRIUM; MATTER; RISK; IDENTIFICATION; PRIVATE; SCHOOLS

作者单位

[Bishop, Kelly C.] Arizona State Univ, Dept Econ, Box 879801, Tempe, AZ 85287 USA. [Timmins, Christopher] Duke Univ, Dept Econ, Box 90097, Durham, NC 20778 USA. [Timmins, Christopher] NBER, Cambridge, MA 02138 USA. Timmins, C (reprint author), Duke Univ, Dept Econ, Box 90097, Durham, NC 20778 USA. E-Mail: kelly.bishop@asu.edu; christopher.timmins@duke.edu

摘要

The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems, including a source of endogeneity that has proven difficult to overcome. Here we outline a simple, likelihood-based estimation approach for recovering the marginal willingness-to-pay function that avoids this endogeneity problem. Using this framework, we find that marginal willingness-to-pay to avoid violent crime increases by sixteen cents with each additional incident per 100,000 residents. Accounting for the slope of the marginal willingness-to-pay function has significant impacts on welfare analyses.