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IZA
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Simulation and Estimation of Hedonic Models
by
James J. Heckman, Rosa Matzkin, Lars Nesheim
(August 2003)
published in: T. Kehoe, T.N. Srinivasan, and J. Whalley (eds.)- Frontiers in Applied General Equilibrium, Cambridge, 2005, 277 - 340
Abstract:
Making use of restrictions imposed by equilibrium, theoretical progress has been made on
the nonparametric and semiparametric estimation and identification of scalar additive hedonic
models (Ekeland, Heckman, and Nesheim, 2002) and scalar nonadditive hedonic models
(Heckman, Matzkin, and Nesheim, 2002). However, little is known about the practical aspects
of estimating such models or of the characteristics of equilibrium in such models. This paper
presents computational and analytical results that fill some of these gaps. We simulate and
estimate examples of equilibrium in the additive hedonic models and provide evidence on the
performance of several estimation techniques. We also simulate examples of equilibria in
nonadditive models and provide evidence on the performance of the nonadditive estimation
techniques developed in Heckman, Matzkin, and Nesheim (2002).
Text: See Discussion Paper No. 843
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