An alternative test of the hedonic theory of housing markets

摘要: Abstract In this paper the hedonic theory of housing markets is used to generate a multinomial logit model household behavior in an urban market. Application by now fairly familiar and link has also been established. However, emphasizing more heavily bid price interpretation theory, develops new connection econometric estimation that essentially involves running usual equations reverse. One advantage approach between rather than utility functions, turn permits empirical results be given extremely clear interpretation. Furthermore, contrast standard model, extreme value distribution required justify technique emerges endogenously as part analysis.