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Joint Public Economics & Applied Microeconomics Workshop: Maisy Wong

Thursday, May 6, 2021 at 11:15am to 12:45pm

Virtual Event

Maisy Wong, University of Pennsylvania

Estimating Preferences for Neighborhood Amenities Under Imperfect Information (joint w/Professor Fernando Ferreira).

AbstractThis paper presents a new framework to estimate preferences for neighborhoods in the presence of individual imperfect information about every amenity in each neighborhood. We estimate the model with data from a new neighborhood choice program that provided information about market rents and same-school network, and collected neighborhood rankings for the same individual before and after receiving information. We find that switchers - who change rankings after the information intervention - increase network shares by 1.46 percentage points and decrease rents by $430. This variation from the panel data of individual rankings is critical to produce a latent quality index that addresses biases arising from imperfect information. Estimates from the neighborhood sorting model reveal a strong negative marginal utility of rents, and a positive marginal willingness to pay of $123 per month to live in a neighborhood with a larger network. Finally, information also influenced residential choices after graduation. 

 

Dial-In Information

If you are interested participating in this seminar, please email Ulrike Kroeller at uab1@cornell.edu for Zoom information.

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Event Type

Seminar, Class/ Workshop

Departments

Economics

Tags

economics, EconSeminar, EconPublic, EconAppliedMicro

Contact E-Mail

uab1@cornell.edu

Contact Name

Ulrike Kroeller

Speaker

Maisy Wong

Speaker Affiliation

University of Pennsylvania

Open To

Cornell Economics Community - List Serve Members