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、行为和经济科学理事会共同支持，作为数学科学优先领域的一部分。享乐市场的经济学模型将差异化商品的定价描述为一系列属性，以及这些属性在不同市场结构、偏好和技术下的需求和供给。享乐模型提供了对多样性和异质性经济学的洞察，这是现代劳动力和产品市场的特征。利用享乐模型，可以解释异质性劳动的工资数据，评估工作场所安全法，并分析工资补贴和职业培训对均衡工资和价格以及市场参与者福利的影响。享乐模型是根据生活质量变化调整生活成本指数的现代方法的核心。这项研究将在更普遍的情况下发展享乐模型的经济基础，而不是迄今为止所发展的。具体而言，本研究将描述替代性享乐经济的特性，包括在不同假设下的多属性模型中享乐定价模型的存在性和唯一性，这些假设包括表征代理人的异质性维度、市场竞争结构、代理人组成联盟、市场定价特征以及代理人异质性的本质。享乐均衡的计算本身就很有趣，它可以用来确定不同定价假设的后果，也可以用来探索不同政策对生产者和消费者福利的影响。它也是我们打算进行的计量经济分析的一个基本要素。我们对存在性和唯一性的分析是开发模拟享乐经济和从享乐经济中恢复偏好和技术的计算鲁棒方法的重要一步。本研究还将在市场结构、技术和偏好以及代理人和计量经济学家可获得的信息等不同假设下，对享乐经济进行计量经济学分析。我们将进行识别分析，并开发非参数和半参数方法来恢复偏好，技术，生产力和偏好的分布的原语。我们将运用这些计量经济学方法，利用个人、企业和社区的数据来分析收入、房价和公共产品的决定因素。我们还建议使用价格信息来研究社会互动模型中的识别问题，以解决识别问题。

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.