Business, 24.02.2020 17:43 door9817

Using data from 1988 for houses sold in Andover, Massachusetts, from Kiel and McClain (1995), the following equation relates housing price (price) to the distance from a recently built garbage incinerator (dist):

log(price) = 9.40 + 0.312 log(dist)
n = 135, R² = 0.162

(i) Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?
(ii) Do you think simple regression provides an unbiased estimator of the ceteris
paribus elasticity of price with respect to dist? (Think about the city's decision on where to put the incinerator.)

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Using data from 1988 for houses sold in Andover, Massachusetts, from Kiel and McClain (1995), the fo...

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