Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Green Preferences Location: D-105 Session Chair: Laís Ramos Gomes, Universidad de Valladolid | |
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Capitalization as a Two-Part Tariff: The Equilibrium Structure of Housing Prices 1: North Carolina State University, United States of America; 2: Federal Reserve Bank of Philadelphia Standard hedonic housing price regressions may be mis-specified. They impose that neighborhood amenities and quality characteristics affect prices proportionately. In contrast, we suggest that neighborhood amenities may be capitalized via a two-part tariff: an extensive margin “ticket” to enter a community as well as an intensive margin price per unit of housing services. A theoretical model shows that extensive margin pricing will emerge when there are binding restrictions on the number of housing units. Using data on housing transactions across U.S. urban markets, we show that twopart pricing is ubiquitous and especially pronounced in markets with high regulation and an older housing stock. Two-part pricing is relevant for hedonic estimation of local amenities: in particular, ignoring it will understate the willingness to pay of poorer households. | |