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Tourism and Economic Development : Evidence from Mexico's Coastline
Faber, Benjamin - 2016
Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican … consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains … regions, so that the national gains from trade in tourism are mainly driven by a classical market integration effect …
Persistent link: https://www.econbiz.de/10012989735
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Hedonic Prices and Implicit Markets : Estimating Marginal Willingness to Pay for Differentiated Products Without Instrumental Variables
Bishop, Kelly C. - 2011
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. For example, Bartik (1987) and Epple (1987) each describe a source of endogeneity in the second stage of Rosen's procedure...
Persistent link: https://www.econbiz.de/10013118241
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Measuring Asset Values for Cash Settlement in Derivative Markets : Hedonic Repeated Measures Indices and Perpetual Futures
Shiller, Robert J. - 2007
Two proposals are made that may facilitate the creation of derivative market instruments, such as futures contracts, cash-settled based on economic indices. The first proposal concerns index number construction: indices based on infrequent measurements of nonstandardized items may control for...
Persistent link: https://www.econbiz.de/10012776679
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Roy Model Sorting and Non-Random Selection in the Valuation of a Statistical Life
DeLeire, Thomas - 2008
Wage-hedonics is used to recover the value of a statistical life by exploiting the fact that workers choosing riskier occupations will be compensated with a higher wage. However, Roy (1951) suggests that observed wage distributions will be distorted if individuals select into jobs according to...
Persistent link: https://www.econbiz.de/10012770203
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Panel Data Hedonics : Rosen's First Stage as a "Sufficient Statistic"
Banzhaf, H. Spencer - 2015
Traditional cross-sectional estimates of hedonic price functions can recover marginal willingness to pay for characteristics, but face endogeneity problems for estimating non-marginal welfare measures. I show that when panel data on household demands are available, one can construct a...
Persistent link: https://www.econbiz.de/10013017083
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Hedonic Analysis of Arthritis Drugs
Cockburn, Iain M.; Anis, Aslam H. - 2021
We examine the relationship between quality'' and market outcomes for a group of drugs used to treat rheumatoid arthritis. Though this is a widespread and debilitating disease with very substantial impacts on the health of patients and on the economy, currently available drugs have limited...
Persistent link: https://www.econbiz.de/10013222962
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Assuming the Can Opener : Hedonic Wage Estimates and the Value of Life
Dickens, William T. - 2021
not look like the perfectly competitive model on which the theory depends for its conclusions. Further, there are many …
Persistent link: https://www.econbiz.de/10013225411
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Hedonic Imputation Versus Time Dummy Hedonic Indexes
Diewert, W. Erwin; Heravi, Saeed; Silver, Mick - 2021
Törnqvist superlative index in standard index number theory. This study shows exactly why the results may differ and discusses …
Persistent link: https://www.econbiz.de/10013232186
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An Equilibrium Model of Sorting in an Urban Housing Market
Bayer, Patrick J.; McMillan, Robert; Rueben, Kim S. - 2021
This paper introduces an equilibrium framework for analyzing residential sorting, designed to take advantage of newly available restricted-access Census microdata. The framework adds an equilibrium concept to the discrete choice framework developed by McFadden (1973, 1978), permitting a more...
Persistent link: https://www.econbiz.de/10013213102
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Product Innovations, Price Indices and the (Mis)Measurement of Economic Performance
Trajtenberg, Manuel - 2014
The goal of this paper is to address the problem of 'product innovations' (i.e. new goods. increased variety, and quality change) in the construction of price indices and, by extension, in the measurement of economic performance. The premise is that a great deal of technical progress takes the...
Persistent link: https://www.econbiz.de/10012751944