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