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首页> 外文期刊>Journal of Economic Literature >The New Economics of Equilibrium Sorting and Policy Evaluation Using Housing Markets
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The New Economics of Equilibrium Sorting and Policy Evaluation Using Housing Markets

机译：利用住房市场进行均衡分类和政策评估的新经济学

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Households "sort" across neighborhoods according to their wealth and their preferences for public goods, social characteristics, and commuting opportunities. The aggregation of these individual choices in markets and in other institutions influences the supply of amenities and local public goods. Pollution, congestion, and the quality of public education are examples. Over the past decade, advances in economic models of this sorting process have led to a new framework that promises to alter the ways we conceptualize the policy evaluation process in the future. These "equilibrium sorting" models use the properties of market equilibria, together with information on household behavior, to infer structural parameters that characterize preference heterogeneity. The results can be used to develop theoretically consistent predictions for the welfare implications of future policy changes. Analysis is not confined to marginal effects or a partial equilibrium setting. Nor is it limited to prices and quantities. Sorting models can integrate descriptions of how nonmarket goods are generated, estimate how they affect decision making, and, in turn, predict how they will be affected by future policies targeting prices or quantities. Conversely, sorting models can predict how equilibrium prices and quantities will be affected by policies that target product quality, information, or amenities generated by the sorting process. These capabilities are just beginning to be understood and used in applied research. This survey article aims to synthesize the state of knowledge on equilibrium sorting, the new possibilities for policy analysis, and the conceptual and empirical challenges that define the frontiers of the literature.
机译：家庭根据其财富和对公共物品的偏好，社会特征和通勤机会在各个社区“分类”。这些个人选择在市场和其他机构中的聚集影响了便利设施和当地公共物品的供应。污染，交通拥堵和公共教育质量就是例证。在过去的十年中，这种分类过程的经济模型取得了进步，从而形成了一个新的框架，有望在未来改变我们对政策评估过程进行概念化的方式。这些“均衡排序”模型使用市场均衡的属性以及有关家庭行为的信息来推断表征偏好异质性的结构参数。结果可用于对未来政策变化的福利影响进行理论上一致的预测。分析不仅限于边际效应或局部均衡设置。它也不限于价格和数量。排序模型可以整合非市场商品的生成方式描述，估计它们如何影响决策，进而预测将来针对价格或数量的政策将如何影响非市场商品。相反，分类模型可以预测平衡价格和数量将如何受到以分类过程中产生的产品质量，信息或便利性为目标的政策的影响。这些功能才刚刚开始在应用研究中被理解和使用。这篇调查文章旨在综合有关均衡排序的知识状态，政策分析的新可能性以及定义文学前沿的概念和经验挑战。

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