Urban Housing Markets Modelling: Short‐Run Equilibrium Implications
检验多伦多都市区住房市场是否存在短期均衡，发现不同子市场的属性价格差异不显著，表明基于短期均衡假设的未分层特征价格模型与分层模型同样有效。
This paper tests for the existence of short‐run equilibrium in the urban housing market in Metropolitan Toronto. The alternative hypothesis is the housing market segmented with respect to locational and structural attributes. We found insignificant differences in attribute prices across hypothesized submarkets. This implies that an unstratified hedonic price regressions model, based on the assumption of short‐run equilibrium, is equally efficient in the analysis of housing prices as a model based on a number of subsamples stratified along lines of segmentation.