Table 1 defines the variables we generated. While most are self-explanatory, several require further explanation. The “No window” dummy variable = 1 if the ad states that the unit is located 1–2 stories underground. In preliminary statistical analysis, we found that whether a unit was 1 or 2 stories underground did not make any statistical differ-ence in price. This dummy variable = 0 if the unit is partly underground (半地下室), similar to the euphemistically called “garden apartments” in the United States. These units often have a small window near the ceil-ing of the room. Occasionally, a unit deeply underground might also have a dark window if it happened to be located at a bomb shelter air well. However, the majority do not have any windows. So, this dummy variable could be a test for whether being completely under-ground without a window is a significant disamenity in this market.