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Identification and estimation of hedonic models

Ekeland, I.; Heckman, J.J.; Nesheim, L.; (2004) Identification and estimation of hedonic models. Journal of Political Economy , 112 (s1) S60-S109. 10.1086/379947. Green open access

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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.

Type: Article
Title: Identification and estimation of hedonic models
Open access status: An open access version is available from UCL Discovery
DOI: 10.1086/379947
Publisher version: http://dx.doi.org/10.1086/379947
Language: English
Additional information: Published by University of Chicago Press. Please also see http://eprints.ucl.ac.uk/14707/ for the cenmap Working Paper version
Keywords: JEL classification: C51, J41. Estimation
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/12718
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