A Structural Approach to Hedonic Equilibrium Models

Dimitrios A. Giannias

Economics Working Paper Archive from Levy Economics Institute

Abstract: This paper presents a quality theory for differentiated products. Analytical solutions for the equilibrium demand for quality and the equilibrium price equation are computed. The model is estimated and the willingness to pay for improvements in the air quality of Houston is computed. The empirical results show that the standard n on-structural approach would seriously underestimate benefits for non-marginal and small changes in air quality.

Date: 1988-08
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