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A Primer on Nonmarket ValuationHedonics

A Primer on Nonmarket Valuation: Hedonics [This chapter covers the current theory and empirical methods in hedonic valuation of environmental and natural resources.  A framework is first presented that links hedonic price functions to theoretically correct welfare measures for changes in environmental amenities. The major empirical methods for estimating a hedonic price function are discussed beginning with data construction and basic estimation approaches, and progressing through to techniques for addressing endogenous regressors including spatial econometrics and quasi-experimental methods.  The use of the hedonic price function for obtaining measures of welfare change for changes in environmental amenities are also presented.  Sorting models and second-stage demand analysis in both a single-market and multiple-market context are described.  Applications and examples from housing and labor markets are used throughout to illustrate concepts covered.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Primer on Nonmarket ValuationHedonics

Part of the The Economics of Non-Market Goods and Resources Book Series (volume 13)
Editors: Champ, Patricia A.; Boyle, Kevin J.; Brown, Thomas C.
Taylor, Laura O.
A Primer on Nonmarket Valuation — Feb 11, 2017
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Publisher
Springer Netherlands
Copyright
© Springer Science+Business Media B.V. (outside the USA) 2017
ISBN
978-94-007-7103-1
Pages
235 –292
DOI
10.1007/978-94-007-7104-8_7
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter covers the current theory and empirical methods in hedonic valuation of environmental and natural resources.  A framework is first presented that links hedonic price functions to theoretically correct welfare measures for changes in environmental amenities. The major empirical methods for estimating a hedonic price function are discussed beginning with data construction and basic estimation approaches, and progressing through to techniques for addressing endogenous regressors including spatial econometrics and quasi-experimental methods.  The use of the hedonic price function for obtaining measures of welfare change for changes in environmental amenities are also presented.  Sorting models and second-stage demand analysis in both a single-market and multiple-market context are described.  Applications and examples from housing and labor markets are used throughout to illustrate concepts covered.]

Published: Feb 11, 2017

Keywords: Hedonic method; Implicit prices; First-stage estimation; Second-stage estimation; Quasi-experimental methods; Sorting models; Welfare measures

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