Collaborative Research on the Formulation, Estimation, and Identification of Hedonic Pricing, Demand and Supply Models

该奖项由数学科学司和社会、行为和经济科学局联合支持，作为数学科学优先领域的一部分。享乐市场的经济学模型表征了被视为属性捆绑的差异化商品的定价，以及不同市场结构、偏好和技术下这些属性的需求和供应。享乐模型提供了对多样性和异质性经济学的洞察，这些都是现代劳动力和产品市场的特征。使用特征模型，可以解释不同类型劳动力的工资数据，评估工作场所安全法律，并分析工资补贴和职业培训对均衡工资和价格以及对市场参与者福利的影响。享乐模型是根据质量变化调整生活成本指数的现代方法的核心。这项研究将在比迄今已开发的更一般的环境中开发享乐模型的经济学基础。具体地说，本研究将刻画另类享乐经济的性质，包括在不同假设下，多属性模型中特征定价模型的存在唯一性，这些假设包括表征代理人的异质性维度、市场的竞争结构、代理人的联盟分组、在市场中定价的特性以及代理人异质性的性质。计算享乐均衡本身是有意义的，也是为了确定替代假设对定价的影响，以及探索不同政策对生产者和消费者福利的影响。它也是我们建议进行的计量经济学分析中的一个重要组成部分。我们对存在和唯一性的分析是发展计算稳健的方法来模拟享乐经济和从享乐经济中恢复偏好和技术的重要一步。本研究还将在关于市场结构、技术和偏好的不同假设下对享乐经济进行计量分析，以及对代理人和计量经济学家可用的信息。我们将进行识别分析，开发非参数和半参数方法，以恢复偏好、技术、生产力分布和偏好的基元。我们将应用这些计量经济学方法，使用个人、公司和社区的数据来分析收入、房价和公共产品的决定因素。我们还建议使用关于价格的信息来研究社会互动模型中的识别问题来解决识别问题。

This award is jointly supported by the Division of Mathematical Sciences and the Directorate for Social, Behavioral, and Economic Sciences as part of the Mathematical Sciences Priority Area.Economics models for hedonic markets characterize the pricing of differentiated goods viewed as bundles of attributes, and the demand and supply of those attributes under different market structures, preferences, and technologies. Hedonic models provide insight into the economics of variety and heterogeneity, which are features of modern labor and product markets. Using hedonic models, it is possible to interpret wage data for heterogeneous labor, evaluate workplace safety laws and analyze subsidies for wages and job training in terms of their impacts on equilibrium wages and prices and on market participant welfare. Hedonic models lie at the heart of modern methods to adjust cost of living indices for changes in quality. This research will develop the economic foundations of hedonic models in more general settings than have been developed to date. Specifically, the research will characterize the properties of alternative hedonic economies, including the existence and uniqueness of hedonic pricing models in multi-attribute models under different assumptions about dimensions of heterogeneity that characterize agents, competitive structure of markets, the grouping of agents into coalitions, characteristics priced in the market, and the nature of the heterogeneity of agents. Computation of hedonic equilibria is of interest in its own right, and for determining the consequences of alternative assumptions on pricing, as well as for exploring the impacts of different policies on producer and consumer welfare. It is also an essential ingredient in the econometric analyses we propose to conduct. Our analysis of existence and uniqueness is a vital step in developing computationally robust methods for simulating hedonic economies and for recovering preferences and technologies from hedonic economies.This research will also conduct and econometric analyses of hedonic economies under alternative assumptions about market structure, technology and preferences, and the information available to agents and to econometricians. We will conduct identification analysis and develop nonparametric and semiparametric methods to recover the primitives of preferences, technology, the distributions of productivities and preferences. We will apply these econometric methods to analyze the determinants of earnings, housing prices and public goods using data on individuals, firms, and communities. We also propose to examine identification problems in models of social interactions using information on prices to solve identification problems.