HEDONIC PRICES AND EQUILIBRIUM SORTING IN HOUSING MARKETS: A CLASSROOM SIMULATION

被引：3
|
作者：
Anderson, Soren T. [1 ,2 ]
Bates, Michael D. [3 ]
机构：
[1] Michigan State Univ, Dept Econ, E Lansing, MI 48824 USA
[2] Michigan State Univ, Dept Agr Food & Resource Econ, E Lansing, MI 48824 USA
[3] Univ Calif Riverside, Dept Econ, Riverside, CA 92521 USA
来源：
NATIONAL TAX JOURNAL | 2017年 / 70卷 / 01期
关键词：
hedonic theory; implicit prices; classroom simulation;
D O I：
10.17310/ntj.2017.1.07
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We introduce a classroom simulation to teach core concepts in hedonic price analysis. Students decide where to live in order to maximize utility. Locations differ in two dimensions: school quality and environmental quality. Endogenous housing prices in each location equilibrate the market. The simulation demonstrates the power of hedonic analysis, as well as its limitations and assumptions. It is fun, engaging, and accessible for both undergraduate and graduate students. We provide materials for implementation in an online Appendix.
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页码：171 / 183
页数：13
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