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Comment on “Simulation and Estimation of Hedonic Models” by Heckman, Matzkin and Nesheim

Keane, Michael (2003): Comment on “Simulation and Estimation of Hedonic Models” by Heckman, Matzkin and Nesheim.

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Abstract

This paper contains commentary on the chapter “Simulation and Estimation of Hedonic Models” by Heckman, Matzkin and Nesheim that appeared in the volume "Frontiers in Applied General Equilibrium Modeling," Kehoe, Srinivasan and Whalley (eds.), Cambridge University Press, 2005. I explain in simple terms the sources of identification in their model. I also argue for the importance of economic theory in empirical work in general, and criticize various attempts to do "theory-free" analysis.

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