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American Economic Review: Vol. 100 No. 3 (June 2010)

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A New Approach to Estimating the Production Function for Housing

Article Citation

Epple, Dennis, Brett Gordon, and Holger Sieg. 2010. "A New Approach to Estimating the Production Function for Housing." American Economic Review, 100(3): 905-24.

DOI: 10.1257/aer.100.3.905

Abstract

Dating to the classic works of Alonso, Mills, and Muth, the production function for housing has played a central role in urban economics and local public finance. This paper provides a new flexible approach for estimating the housing production function which treats housing quantities and prices as latent variables. The empirical analysis is based on a comprehensive database of recently built properties in Allegheny County, Pennsylvania. We find that the new method proposed in this paper works well in the application and provides reasonable estimates for the underlying production function. (JEL C51, D24, R11, R31)

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Authors

Epple, Dennis (Carnegie Mellon U)
Gordon, Brett (Columbia U)
Sieg, Holger (Carnegie Mellon U)

JEL Classifications

C51: Model Construction and Estimation
D24: Production; Cost; Capital, Total Factor, and Multifactor Productivity; Capacity
R11: Regional Economic Activity: Growth, Development, and Changes
R31: Housing Supply and Markets


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