Title: Hedonic prices and implicit markets
Description: "The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems.  For example, Bartik (1987) and Epple (1987) each describe a source of endogeneity in the second stage of Rosen's procedure that has proven difficult to overcome.  In this paper, we propose a new approach for recovering the marginal willingness-to-pay function that altogether avoids these endogeneity problems.  Applying this estimator to data on large changes in violent crime rates, we find that marginal willingness-to-pay increases by ten cents with each additional violent crime per 100,000 residents"--National Bureau of Economic Research web site.