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Pset3s07v3 - Econ 166 Joseph G Altonji Spring 2007 Problem...

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Econ 166 Joseph G. Altonji Spring 2007 Problem Set 3 Due Date: Tuesday, March 6 th , in class. Collaboration: You are free to discuss the problem set with one other student. However, you have to do your own computing in STATA and write up your own answers. Do not hand in reams of undigested computer logs. Problem 1: You have been hired by a New York real estate firm to assess the determinants of local house prices. You understand that house prices are determined by the interaction of supply and demand and opt to employ a "hedonic regression" framework. This framework specifies the price of the house to be a linear function of the various attributes of the house. Although the house is sold as a bundled commodity, you could estimate the contribution of various attributes in the determination of the final price. With this purpose in mind, you conduct a survey of house prices for five geographical locations in Nassau County . The data is Houses12_1.dta. There are a total of 360 to observations on 20 variables. Each variable contains data labels so that you can understand how each one is coded. (You can use the tab command to see the labels). The variables in the data set are: storage display value variablename type format label variable label value float %9.0g sales price in $1,000s lotsize float %9.0g size of lot in 1,000 square feet bed float %9.0g number of bedrooms bath float %9.0g number of bathrooms rooms float %9.0g number of rooms age float %9.0g age of house in years taxes float %9.0g annual property tax garage float %13.0g garagelbl type of garage locate float %30.0g locatelbl location of house style float %14.0g stylelbl architectural style of house fuel float %9.0g fuellbl
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