Estimating the Willingness to Pay to Avoid Violent Crime: A Dynamic Approach
通过动态特征模型估算家庭为减少暴力犯罪愿意支付的金额，发现平均每年愿意支付472美元以减少10%的暴力犯罪，并指出传统静态模型存在21%的负向偏差。
The hedonic model, which has been used extensively in the Environmental, Urban, and Real Estate literatures, allows for the estimation of the implicit prices of housing and neighborhood attributes, as well as households' demand for these non-marketed amenities. A recognized drawback of the existing hedonic literature is that the models assume a myopic decision-maker. In this paper, we estimate a dynamic hedonic model and find that the average household is willing to pay $472 per year for a ten percent reduction in violent crime. In addition, we find that the traditional, myopic model suffers from a 21 percent negative bias.