Search, Hedonic Prices and Housing Demand
基于动态搜寻理论，构建并估计了一个带随机未观测截断点的租赁住房市场截断回归模型，联合估计特征价格和保留租金方程，结果优于传统方法。
The conventional model of the housing market does not take into account the search process for a suitable housing unit. Based on a dynamic search theory, this paper develops and estimates a truncated regression model of the rental housing market with stochastic and unobserved truncation points. The author's model provides a joint estimation of the hedonic rice and the reservation rent equations. The results turn out to be superior to the ordinary least squares estimates of either the traditional housing demand function or the hedonic price equation. Copyright 1992 by MIT Press.