This paper analyses how the properties of locational equilibrium models can be used to evaluate approaches for constructing price indexes for heterogeneous houses. Housing markets play a key role in locational equilibrium models. Prices for houses determine that implicit costs that households...

This study investigates whether models of forward-looking behavior explain the observed patterns of heavy drinking and smoking of men in late middle age in the Health and Retirement Study better than myopic models. We develop and estimate a sequence of nested models which differ by their degree...

This paper examines a new strategy for evaluating whether the size of a new environmental regulation requires that benefit cost analyses consider general equilibrium effects. Size in the context refers to both the magnitude and distribution of cost increases across sectors and the benefits...

This paper uses the 2011 Phoenix Area Social Survey to evaluate the plausibility of the assumptions made with pure characteristics or vertical sorting models to rationalize incomplete stratification of households across local communities by income. The analysis with a well-recognized index of...

This paper exploits the seasonal and annual changes in marginal prices for water to estimate the price elasticity of demand by residential households for water. It uses the changes in distributions of water using the census block group levels in response to changes in marginal prices of water...

Research over the past several years has led to development of models characterizing equilibrium in a system of local jurisdictions. More recently, there have been a number of studies which have tried to estimate these models. The evidence suggests that simple parametric models can explain the...