Land, Structure and Depreciation
提出一个特征价格模型，将房产价值分解为土地和结构两部分，发现维护对物理折旧影响显著：50年不维护的结构价值损失约43%，而良好维护则几乎无折旧。
We introduce a hedonic price model that enables us to disentangle the value of a property into the value of land and the value of structure. For given reconstruction costs, we are able to estimate the impact of physical deterioration, functional obsolescence and vintage effects on the structure and the impact of time on sale (and external obsolescence) on the land value simultaneously. Our findings show that maintenance has a substantial impact on the rate of physical deterioration. After 50 years of not or barely maintaining a home, a typical structure has lost around 43% of its value. In contrast, maintaining a home very well results in virtually no physical deterioration in the long run.