Chen, Yong; Clapp, John M.; Tirtiroglu, Dogan - In: Journal of Housing Economics 20 (2011) 4, pp. 233-248
We show that recent developments in hedonic pricing theory allow modeling of the equilibrium pricing function as the marginal cost of an additional housing unit plus a markup that varies inversely with the elasticity of demand. Useful information about demand elasticity at a given point on the...