Clapp, John M.; Salavei, Katsiaryna - In: Journal of Urban Economics 67 (2010) 3, pp. 362-377
The standard hedonic model of durable assets is a special case of a more general model that contains two additive terms: (1) use value of the existing hedonic vector and (2) the value of the option to reconfigure hedonic characteristics. One empirical implication is that the two parts of value...
