Leisure activities such as local recreation trips usually take place in discrete blocks of time that are surrounded by time devoted to other commitments. It can be costly to transfer time between blocks to allow for longer outings. These observations affect the value of time within those blocks...

The hedonic property value model is among our foremost tools for evaluating the economic consequences of policies that target the supply of local public goods, environmental services, and urban amenities. We design a theoretically consistent and empirically realistic Monte Carlo study of whether...

We develop a nonparametric approach to meta-analysis and use it to identify modeling decisions that affect benefit transfer errors. The meta-data describe the results from 31 empirical studies testing the convergent validity of benefit transfers. They evaluated numerous methodological...

Does a dramatic drop in crime lead to an increase in property values? To date, the literature on how crime influences property values has focused solely within a single metropolitan area and has been limited primarily to cross-sectional analysis. In this study we exploit the dramatic, nationwide...

This paper analyzes how the distribution of marketing time of residential real estate evolves across time. Using real estate data from a large suburb in the Washington D.C. area we first show that the whole distribution of marketing time shifts to the right when a “hot” housing market in...

This article develops a welfare theoretic framework for interpreting evidence on the impacts of public programs on housing markets. We extend Rosen's hedonic model to explain how housing prices capitalize exogenous shocks to public goods and externalities. The model predicts that trading between...

Laboratory and field experiments have grown significantly in prominence over the past decade. The experimental method provides randomization in key variables therefore permitting a deeper understanding of important economic phenomena. This path-breaking volume provides a valuable collection of...

This note presents a new solution to the classic problem with using hedonic price functions to recover demand curves. Unexpected changes in the composition of a differentiated product can generate instruments that support a simple reduced-form approach to demand estimation.

This study examines how the value of residential land and structures evolved during the great housing boom and bust, using data on more than a million residential properties that were sold in 10 metropolitan areas between 1998 and 2009. We use a hedonic estimator to disentangle the market value...