HEDONIC PRICING WHEN HOUSING IS ENDOGENOUS: THE VALUE OF ACCESS TO THE TRANS‐ISRAEL HIGHWAY*
提出一种改进的特征价格法，考虑住房供给和需求都受无形因素影响，并应用于评估跨以色列高速公路通达性对房价和住房建设的影响，发现标准方法会低估其价值。
ABSTRACT Standard hedonic house pricing assumes that house prices are independent of the intangible to be priced. A methodology is proposed in which the supply as well as the demand for housing depends on the intangible. The methodology is applied to value access to the Trans‐Israel Highway (TIH). Using spatial panel data (2002–2008) we show that TIH had two effects on the housing market. It increased house prices in locations with greater access to TIH, and it affected housing construction. Standard hedonic pricing would have underestimated the value of access because it ignores the effects of housing construction on the intangible to be priced. House prices began to increase three years before TIH was inaugurated, but housing construction did not anticipate the inauguration of TIH.