Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices
构建了一个大都市住房市场模型，通过两阶段最小二乘法估计房价、租金和土地价格的方程，发现家庭收入和建筑成本是导致美国大都市区间价格差异的最重要因素。
In attempting to explain why housing prices, rents and urban land prices vary so dramatically between U.S. metropolitan areas, a simple model of a metropolitan housing market is presented identifying three interrelated submarkets. Estimating equations for rent, housing prices and urban land prices are identified and estimated using two‐stage least squares. The empirical results provide strong support for the theoretical model concerning how these three submarkets interact. The results also suggest that household income and construction costs are the most important factors causing housing prices, rents and land prices to vary between metropolitan areas.