We build on the intuitive (static) modeling framework of Rosen (1974) and specify a simple forward-looking model of location choice. We use this model, along with a series of insightful graphs, to describe the potential biases associated with the static approach and relate these biases to the...

We provide the first evidence that spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this figure is both...

This paper develops a dynamic model of neighborhood choice along with a computationally light multi-step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. The model is estimated using a newly...

This paper develops a dynamic model of neighborhood choice along with a computationally light multi-step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. The model is estimated using a newly...

We use data from a housing assistance experiment to estimate a model of neighborhood choice. The experimental variation, which effectively randomizes the rents that households face, helps us to identify a key structural parameter of the model. Access to two randomly-selected treatment groups, in...

This paper estimates a dynamic microeconometric model of housing supply. The model features forward-looking landowners who optimally choose both the timing and the nature of construction, while taking into account expectations about future prices and costs. The model is estimated using a unique...

We find that long-term exposure to fine-particulate air pollution (PM2.5) degrades health and human capital among older adults by increasing their risk of developing Alzheimer's disease and related dementias. We track U.S. Medicare beneficiaries' cumulative residential exposures to PM2.5 and...

The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems. For example, Bartik (1987) and Epple (1987) each describe a source of endogeneity in the second stage of Rosen's procedure...