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Articles:
On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence Authors: Charles Ka Yui Leung, Kelvin Siu Kei Wong and Patrick Wai Yin Cheung Start Page: 66 Abstract:
Given the dramatic fluctuations in
aggregate housing prices, this paper attempts to examine whether the
implicit prices of different housing attributes are ?stable.? Theoretically,
this paper provides perhaps the first dynamic, general equilibrium model in
which housing attributes? implicit prices fluctuate. Empirically, this paper
models the time paths of different implicit prices as auto-regressive
processes by employing a hedonic pricing model on a large set of housing
transaction data over a relatively long period of time. An endogenous
structural break test is then performed. Except for a few attributes,
structural breaks are not detected. Directions for future research are
discussed. |
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