By Noboru Hidano
The significance of the hedonic valuation procedure in public coverage evaluate and environmental price estimation is now largely permitted. this article is mainly designed to demonstrate the fundamental assumptions of the hedonic strategy and spotlight the strengths and weaknesses linked to it. Combining rigorous theoretical research, designated empirical stories and an intensive background of hedonic valuation, the ebook is either an advent to the sector and an reduction for execs and practitioners. It comprises: a finished rationalization of the fundamental theorem; vast discussions at the software of the strategy within the assessment of either small-scale and large-scale initiatives; unique causes of the applicability of the hedonic process via evaluating envisioned values for numerous environmental and public providers; and an indication of public coverage and environmental valuation utilizing readily-understood examples.
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Extra resources for The Economic Valuation of the Environment and Public Policy: A Hedonic Approach
67. 63, respectively. We assume that the production technology in Region 1 is more land intensive than that in Region 2. Total net benefit VϭN EV. The hedonic measure is Bϭ(r2 Ϫr1)H1, and the overestimation is measured by B/(CϩV). The model of this CES case is included in the model shown in Appendix 6. 4. 037 represents Japanese cases, but the results were not aﬀected by these values. 11 overestimation ratio. It should be noted that in the case of the Leontief type of production and utility function (that is, elasticity is 0), the overestimation ratio is unity.
We can see that the result is acceptable from the cost–benefit viewpoint. It should be noted that the results are not aﬀected by changes of the parameter ␦ (see Hidano, 1997). Comparison of the Hedonic Measure Estimated by the National Hedonic Price Functions and the Gross Benefit Finally we should examine the possibility of estimating the benefit by using the real hedonic function rather than the equilibrium land Empirical examination of the accuracy of the hedonic measure 43 prices. It is necessary to estimate a national land price function in order to calculate the benefit of large-scale projects.
Thus the regions in the outskirts of urban areas, in areas where wooden housing structures are dominant, such as in Japan, or in developing countries, can satisfy long-run cases. CONCLUSION These results are quite important. We can measure the benefit of public policy and environmental projects by using the information of ex ante hedonic price diﬀerences among diﬀerent levels of an amenity without identifying the bid prices. But the problem is that we cannot know to what extent the theorem will be applicable and how much the hedonic measure exceeds the real gross benefits.