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• W3123996995 abstract "The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems, including a source of endogeneity that has proven difficult to overcome. Here we outline a simple, likelihood-based estimation approach for recovering the marginal willingness-to-pay function that avoids this endogeneity problem. Using this framework, we find that marginal willingness-to-pay to avoid violent crime increases by sixteen cents with each additional incident per 100,000 residents. Accounting for the slope of the marginal willingness-to-pay function has significant impacts on welfare analyses." @default.
• W3123996995 created "2021-02-01" @default.
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• W3123996995 date "2019-01-01" @default.
• W3123996995 modified "2023-10-10" @default.
• W3123996995 title "Estimating the marginal willingness to pay function without instrumental variables" @default.
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• W3123996995 doi "https://doi.org/10.1016/j.jue.2018.11.006" @default.
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