Estimating Bargaining Power in the Market for Existing Homes
利用美国住房调查中买卖双方的特征数据，识别议价能力对房价的影响，发现家庭财富、性别等人口特征影响议价能力，且学龄儿童导致的议价能力变化解释了房价的季节性异常模式。
Although bargaining is common in markets for heterogeneous goods, it has largely been ignored in the hedonic literature. In a break from that tradition, we establish sufficient conditions that permit one to identify the effect of buyer and seller bargaining on hedonic models. Our model is estimated using a previously overlooked feature of the American Housing Survey that permits us to observe characteristics of both buyers and sellers. Results suggest that household wealth, gender, and other demographic traits influence bargaining power. In addition, variation in bargaining power arising from the presence of school-age children accounts for anomalous seasonal patterns reported in various widely cited indices of quality-adjusted house prices. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.