A Selection Model of Hedonic House Values and Rents

Lars Nesheim, Florian Oswald and Jonathan Halket
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Florian Oswald: UCL
Jonathan Halket: University of Essex

No 961, 2015 Meeting Papers from Society for Economic Dynamics

Abstract: We use a large repeated cross-section of houses to estimate a selection model of the supply of owner-occupied and rental housing. We find that physical characteristics and unobserved heterogeneity and not location are important for selection. We interpret this as strong evidence in favor of contracting frictions in the rental market relating to maintenance and modification of a dwellings physical characteristics.

Date: 2015
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed015:961

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