Comment: Semiparametric Estimates of the Marginal Price of Floorspace

Peter F Colwell

The Journal of Real Estate Finance and Economics, 1993, vol. 7, issue 1, 73-75

Abstract: Theory indicates that the marginal price of floor space must decline with increasing floor space in the context of a hedonic model. The industry offer curves, their lower envelope, and the hedonic function must be concave because some elements of structure, notable exterior walls, increase at a slower rate than does floor space. Coulson's finding to the contrary is probable attributable to an omitted variable problem. Copyright 1993 by Kluwer Academic Publishers

Date: 1993
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