Hedonic Prices and the Benefits of Public Projects
AbstractS. 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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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 56 (1988)
Issue (Month): 4 (July)
Other versions of this item:
- Yoshitsugu Kanemoto, 1985. "Hedonic Prices and the Benefits of Public Projects," Working Papers 617, Queen's University, Department of Economics.
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