A Hedonic Model with Rationing by Waiting

Alfred Galichon () and Yu-Wei Hsieh
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Alfred Galichon: NYU - NYU System, CIMS - Courant Institute of Mathematical Sciences [New York] - NYU - New York University [New York] - NYU - NYU System, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique
Yu-Wei Hsieh: Amazon

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Abstract: We propose a new class of hedonic models with sticky prices and queues. Time replaces money as the invisible hand in the market. Unlike money, time is non-transferable to the trading partner. We prove the existence and uniqueness of the equilibrium, and we compare our model with the standard hedonic model with free-market prices. Our model can be used to study the market equilibrium and welfare implications when the prices are regulated, which is beyond the scope of the classical hedonic analysis.

Keywords: Hedonic models; Rationing by waiting; Price rigidity; Queue; Discrete choice; Non-transferable utility (search for similar items in EconPapers)
Date: 2020-10-22
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03936336

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