By Noboru Hidano
The significance of the hedonic valuation method in public coverage review and environmental worth estimation is now greatly approved. this article is mainly designed to demonstrate the fundamental assumptions of the hedonic method and spotlight the strengths and weaknesses linked to it. Combining rigorous theoretical research, particular empirical reports and an in depth background of hedonic valuation, the publication is either an creation to the sector and an relief for execs and practitioners. It contains: a complete rationalization of the fundamental theorem; broad discussions at the software of the strategy within the overview of either small-scale and large-scale tasks; distinct reasons of the applicability of the hedonic technique by means of evaluating expected values for varied environmental and public companies; and a demonstration 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 (New Horizons in Environmental Economics)
It should be noted, however, that the long-run theorems are relevant even in short-run cases, that is, open land is easily modified and 28 The economic valuation of the environment and public policy housing structures can also be demolished in the short-run. 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.
The most basic assumption is costless mobility (that is, an open economy) with perfect information. Thus capitalization is not completely achieved under a closed 22 The economic valuation of the environment and public policy economy or it may overestimate the benefits obtained when the consumers are heterogeneous (that is, having diﬀerent tastes or income). Most research takes openness for granted. It is sometimes claimed that the costless movement assumption is far from reality. But we should know that this assumption is not necessarily faulty, because there are always some people who would move and are able to move in most regions or countries in the world and for whom the costs of moving to optional destinations are generally not a problem once they have decided to move.
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. The overestimation ratio in the case of Cobb–Douglas functions, in which the elasticity is unity, is found to be smaller than those in the case of CES functions. The reason is that we assume regionally diﬀerent production technology in the CES case which inevitably increases the overestimation ratio. The Case of Heterogeneous Consumers In this subsection, we introduce heterogeneous consumers whose endowments diﬀer, that is, the endowments are distributed to poor consumers ␦ and to rich consumers 1Ϫ␦.