A Test for Pricing Power in Urban Housing Markets
利用纽约市租赁市场的税收政策变化，通过双重差分和工具变量分析，检验了住房市场中定价能力的存在，发现单个建筑成本增加会导致租金同比例上涨，挑战了完全竞争假设。
Abstract The presence of pricing power in housing markets significantly impacts our understanding of the housing supply. It biases estimates of housing production functions, supply elasticities, the effects of land-use policies, and the results of quantitative spatial models. We test for the existence of pricing power in the New York City rental market. Using tax policy changes, we conduct complementary difference-in-differences and instrumental variable analyses. An idiosyncratic increase in a single building's costs leads to a proportional rent increase, holding market-level rents constant. Our findings support the existence of pricing power and challenge the prevailing perfect competition framework.