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Hedonic markets and sorting equilibria: Bid-function envelopes for public services and neighborhood amenities

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  • Yinger, John

Abstract

Hedonic regressions with house value as the dependent variable are widely used to study public services and neighborhood amenities. This paper builds on the theory of household bidding and sorting across communities to derive bid-function envelopes, which provide a form for these regressions. This approach allows for household heterogeneity and multiple amenities, yields estimates of the price elasticity of amenity demand directly from the hedonic without a Rosen two-step procedure, and provides tests of hypotheses about sorting. An application to Cleveland area data from 2000 yields price elasticities for school quality and neighborhood ethnic composition and supports the sorting hypotheses.

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  • Yinger, John, 2015. "Hedonic markets and sorting equilibria: Bid-function envelopes for public services and neighborhood amenities," Journal of Urban Economics, Elsevier, vol. 86(C), pages 9-25.
    • Handle: RePEc:eee:juecon:v:86:y:2015:i:c:p:9-25
    DOI: 10.1016/j.jue.2014.12.001
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    8. Shangfa Hou & Jiaying Wang & Degui Zhu, 2022. "Has the Newly Imposed Property Tax Controlled Housing Prices? An Analysis of China’s 2009–2020 Interprovincial Panel Data," Sustainability, MDPI, vol. 14(22), pages 1-18, November.
    9. Liu, Zhaoyang & Hanley, Nick & Campbell, Danny, 2020. "Linking urban air pollution with residents’ willingness to pay for greenspace: A choice experiment study in Beijing," Journal of Environmental Economics and Management, Elsevier, vol. 104(C).
    10. Pengju Zhang, 2023. "The fiscal and economic impacts of municipal dissolution: evidence from New York," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 30(4), pages 948-1001, August.
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    13. Joshua C. Hall & Donald J. Lacombe & Amir Neto & James Young, 2022. "Bayesian Estimation of the Hierarchical SLX Model with an Application to Housing Markets," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(2), pages 360-373, April.
    14. Kenneth Whaley, 2024. "Residential Segregation at Physical Neighborhood Boundaries," Working Papers 2024-02, University of South Florida, Department of Economics.
    15. Yang, Xiaozhong & Zhang, Cheng, 2023. "Travelling for public goods, neighborhood effect and spatial stratification," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 128-139.
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    More about this item

    Keywords

    Hedonics; Capitalization; Sorting; Demand for public services;
    All these keywords.

    JEL classification:

    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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