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| Author: | Kuminoff, N.V. Parmeter, C.F. Pope, J.C. |
| Title: | Which hedonic models can we trust to recover the marginal willingness to pay for environmental amenities? |
| Journal: | Journal of Environmental Economics and Management
2010 : NOV, VOL. 60:3, p. 145-160 |
| Index terms: | valuation econometrics pricing public goods economic policy mathematical models |
| Language: | eng |
| Abstract: | The hedonic property value model belongs to the foremost tools for assessing the economic consequences of policies targeting the supply of local public goods, environmental services, and urban amenities. We design a theoretically consistent as well as empirically realistic Monte Carlo study of whether omitted variables significantly undermine the methodÂ’s ability to precisely determine economic values. The results indicate that large accuracy gains can be realized by shifting from the conventional linear specifications for the price function to a more flexible framework, using an approach combining spatial fixed effects, quasi-experimental identification, and temporal controls for housing market adjustment. |
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