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

该奖项由数学科学部和社会、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描述了被视为属性束的差异化商品的定价，以及这些属性在不同市场结构、偏好和技术下的需求和供应。 享乐模型提供了对多样性和异质性经济学的洞察，这是现代劳动力和产品市场的特征。 使用享乐模型，可以解释异质劳动力的工资数据，评估工作场所安全法律，并分析工资和职业培训补贴对均衡工资和价格以及市场参与者福利的影响。 享乐模型是现代方法的核心，用于调整生活成本指数的质量变化。这项研究将在更一般的环境中发展享乐模型的经济基础。 具体而言，研究将描述替代享乐经济的属性，包括在不同的假设下，在多属性模型中享乐定价模型的存在性和唯一性，这些假设是关于表征代理商的异质性维度、市场竞争结构、代理商联盟分组、市场定价特征以及代理商异质性的性质。 享乐均衡的计算本身就很有意义，它还可以用来确定其他假设对定价的影响，以及探索不同政策对生产者和消费者福利的影响。 这也是我们打算进行的计量经济学分析中的一个重要组成部分。 我们的存在性和唯一性的分析是一个重要的一步，在发展计算稳健的方法来模拟享乐经济和恢复的偏好和技术从享乐economy.This研究还将进行和计量经济学分析享乐经济的替代假设下的市场结构，技术和偏好，以及信息提供给代理商和计量经济学家。 我们将进行识别分析，并开发非参数和半参数的方法来恢复原始的偏好，技术，生产率和偏好的分布。 我们将运用这些计量经济学方法，使用个人、企业和社区的数据，分析收入、房价和公共产品的决定因素。 我们还建议研究识别问题的社会互动模型中使用的价格信息来解决识别问题。

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.