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Estimating the Structural Equations of Implicit Markets and Household Production Functions
The Review of Economics and Statistics
Vol. 66, No. 4 (Nov., 1984), pp. 673-677
Published by: The MIT Press
Stable URL: http://www.jstor.org/stable/1935993
Page Count: 5
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Whenever marginal prices are nonconstant, as in most hedonic and household production function markets, ordinary least squares estimates of the price elasticities of structural equations will be biased. A two-stage least squares estimation procedure is developed and applied to estimate hedonic (and potentially household production function) demand functions when price gradients are nonlinear.
The Review of Economics and Statistics © 1984 The MIT Press