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...

We examine characteristics of housing price dynamics that may be consistent with rational learning and not simply irrational feedback trading. We find significant patterns of temporal and spatial diffusion that are more amenable to explanations that allow for rational components. First, we...

The set of real properties sold during a given period of time may be subdivided into several subsets comprising those properties that sold only once, only twice, and three or more times. The major reason for subdividing the sample is to allow estimation of residential price indices by the...