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Household expenditure patterns for housing attributes: A linear expenditure system with hedonic prices
KTH, Superseded Departments, Real Estate and Construction Management.
2002 (English)In: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 11, no 1, 75-93 p.Article in journal (Refereed) Published
Abstract [en]

The main objective of this research is to demonstrate a new approach to how income and own-price elasticities for housing attributes can be estimated. The methodology used is a combination of the hedonic technique and a complete system of household expenditures, which relies on an additive utility function. However, here we allow the utility parameters to vary with family size. The empirical results of a case study show that family size plays a significant role when estimating the elasticities. Furthermore, the housing attributes of living area and absence of traffic noise are more income elastic than those of lot size and indoor quality. All the income elasticities are positively correlated with income and family size but negatively with down payment.

Place, publisher, year, edition, pages
2002. Vol. 11, no 1, 75-93 p.
Keyword [en]
Hedonic prices, linear expenditure system, housing attributes, implicit markets, air-quality, income elasticity, demand, identification, externalities, equations, models, choice
URN: urn:nbn:se:kth:diva-21476DOI: 10.1006/jhec.2002.0308ISI: 000175056600004OAI: diva2:340174
QC 20100525Available from: 2010-08-10 Created: 2010-08-10Bibliographically approved

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