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Hedonic Prices and the Benefits of Public Projects

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Author Info
Kanemoto, Yoshitsugu
Abstract

S. Scotchmer has shown that, even if the population is homogeneous, hedonic prices do not correctly measure long-run benefit s of a large public project. This paper examines the direction of err ors and shows that the use of cross-sectional land rent differentials leads to overestimation of the benefits. The short-run benefits with fixed lot size are also considered. Copyright 1988 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 56 (1988)
Issue (Month): 4 (July)
Pages: 981-89
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Handle: RePEc:ecm:emetrp:v:56:y:1988:i:4:p:981-89

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  2. M.N. Murthy & S.C. Gulati & A. Banerjee, 2003. "Hedonic property prices and valuation of benefits from reducing urban air pollution in India," Institute of Economic Growth, Delhi Discussion Papers 61, Institute of Economic Growth, Delhi, India. [Downloadable!]
  3. Smith, V. Kerry & Banzhaf, H. Spencer & Walsh, Randy, 2002. "General Equilibrium Benefit Transfers for Spatial Externalities: Revisiting EPA's Prospective Analysis," Discussion Papers dp-02-44, Resources For the Future. [Downloadable!]
  4. Heckman, James J. & Matzkin, Rosa & Nesheim, Lars, 2009. "Nonparametric Identification and Estimation of Nonadditive Hedonic Models," IZA Discussion Papers 4329, Institute for the Study of Labor (IZA). [Downloadable!]
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  5. Holger Sieg & V. Kerry Smith & H. Spencer Banzhaf & Randy Walsh, 2000. "Estimating the General Equilibrium Benefits of Large Policy Changes: The Clean Air Act Revisited," NBER Working Papers 7744, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Brian A. Cromwell, 1990. "Prointegrative subsidies and their effect on housing markets: do race- based loans work?," Working Paper 9018, Federal Reserve Bank of Cleveland. [Downloadable!]
  7. Griffith, Rachel & Nesheim, Lars, 2008. "Household Willingness to Pay for Organic Products," CEPR Discussion Papers 6905, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Dascher, Kristof, 2000. "Trade, FDI and Congestion - the Small and very Open Economy," CEPR Discussion Papers 2526, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Kristof Dascher, 2000. "Trade, FDI, and Congestion - The small and very open Economy," Working Papers 200009, School Of Economics, University College Dublin. [Downloadable!]
  10. Fishman, Kara J. & Leonard, Robert L. & Shah, Farhed A., 1999. "Valuing Water Quality Changes At Connecticut Lakes With Contingent Price Data," 1999 Annual meeting, August 8-11, Nashville, TN 21568, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  11. Selden, Thomas M. & Wasylenko, Michael J., 1992. "Benefit incidence analysis in developing countries," Policy Research Working Paper Series 1015, The World Bank. [Downloadable!]
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