Search Results
Title: Estimation of Hedonic Prices in the Case of a Pure Search Good
Resulting in 1 citation.
| 1. |
Reed, W. Robert |
|
Estimation of Hedonic Prices in the Case of a Pure Search Good Working Paper No. 87-01, Department of Economics, Texas A&M University, College Station, 1987 Cohort(s): NLSY79 Publisher: Department of Economics, Texas A&M University Keyword(s): Job Satisfaction; Job Search; Quits; Simultaneity; Wages; Working Conditions Permission to reprint the abstract has not been received from the publisher. This paper investigates the estimation of marginal willingness to pay in the case of a pure search good. A model of search behavior is developed where consumers search over goods consisting of bundled attributes while simultaneously engaging in consumption. It is demonstrated that marginal willingness to pay can be derived from hazard equations. An empirical analysis is undertaken in order to compare the performance of this model with traditional models of estimating hedonic prices. Labor market data are obtained from the 1979-1982 NLSY. The hazard model is found to be distinctly superior. The approach here is easily generalized to other markets such as the housing and land markets. |
|
|
Bibliography Citation
Reed, W. Robert. "Estimation of Hedonic Prices in the Case of a Pure Search Good." Working Paper No. 87-01, Department of Economics, Texas A&M University, College Station, 1987. |