Recent advances in the theoretical understanding of equilibria in property markets predict that the equilibrium hedonic price function will typically be highly nonlinear. Rather than adopting progressively more flexible econometric specifications to deal with this nonlinearity we adopt an...

A frequent assumption of hedonic price estimation using property market data is that spatial autocorrelation of regression residuals is a feature of the error generating process. Under this assumption, spatial error dependence models that impose a specific spatial structure on the error...

This paper is concerned with the implicit values of urban accessibility and air quality in Sweden. Based on the hedonic wage and rent theory, we construct an econometric model to compute such values, and illustrate their implications for regional sustainability analysis. It is shown that for...

This study estimates the impact of the non-aesthetic view and odor caused by Preemraff, a refinery on the Swedish west coast, on house values in the surrounding area. To carry out the analysis a spatial hedonic house price model was applied to transaction data for the period 1994 - 1996,...

A new heteroskedastic hedonic regression model is suggested which takes into account time-varying volatility and is applied to a blue chips art market. A nonparametric local likelihood estimator is proposed, and this is more precise than the often used dummy variables method. The empirical...

I argue that equipment price deflation might be overstated because the methods used to measure it rely on the erroneous assumption of perfectly competitive markets. The main intuition behind this argument is that what these price indices might actually capture not a price decrease but the...

We use hedonic prices and purchase quantities to consider what can be learned about household willingness to pay for baskets of organic products and how this varies across households. We use rich scanner data on food purchases by a large number of households to compute household specific lower...

The recent literature has brought together the characteristics model of utility and classic revealed preference arguments to learn about consumers' willingness to pay. We incorporate market pricing equilibrium conditions into this setting. This allows us to use observed purchase prices and...

This volume was prepared by Constantin Mang while he was working at the Ifo Institute. It was completed in 2014 and accepted as a doctoral thesis by the Department of Economics at the University of Munich. It includes a short introduction and four self-contained chapters that focus on ICT...