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Measuring the benefits of air quality improvement: a spatial hedonic approach

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  • Won Kim, Chong
  • Phipps, Tim T.
  • Anselin, Luc

Abstract

A spatial-econometric hedonic housing price model is estimated for the Seoul metropolitan area to measure the marginal value of improved air quality. Results showed that the spatial lag model fits best for both owner and renter households. Marginal WTP for a 4% improvement in air quality is about $3,200 for owners and $420 for renters.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Environmental Economics and Management.

Volume (Year): 45 (2003)
Issue (Month): 1 (January)
Pages: 24-39

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Handle: RePEc:eee:jeeman:v:45:y:2003:i:1:p:24-39

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Web page: http://www.elsevier.com/locate/inca/622870

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  1. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 765-68, May.
  2. Dubin, Robin A, 1988. "Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 70(3), pages 466-74, August.
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  7. Pace, R Kelley & Gilley, Otis W, 1997. "Using the Spatial Configuration of the Data to Improve Estimation," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 14(3), pages 333-40, May.
  8. Timothy J. Bartik, 1988. "Measuring the Benefits of Amenity Improvements in Hedonic Price Models," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 64(2), pages 172-183.
  9. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 81-88, February.
  10. Horowitz, Joel L., 1987. "Identification and stochastic specification in Rosen's hedonic price model," Journal of Urban Economics, Elsevier, Elsevier, vol. 22(2), pages 165-173, September.
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  12. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, Elsevier, vol. 18(2), pages 135-142, September.
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  14. Pace, R Kelley & Barry, Ronald & Sirmans, C F, 1998. "Spatial Statistics and Real Estate," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 17(1), pages 5-13, July.
  15. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 22(3), pages 433-452, September.
  16. Harrison, David Jr. & Rubinfeld, Daniel L., 1978. "Hedonic housing prices and the demand for clean air," Journal of Environmental Economics and Management, Elsevier, Elsevier, vol. 5(1), pages 81-102, March.
  17. McConnell, K. E. & Phipps, T. T., 1987. "Identification of preference parameters in hedonic models: Consumer demands with nonlinear budgets," Journal of Urban Economics, Elsevier, Elsevier, vol. 22(1), pages 35-52, July.
  18. Kelejian, Harry H & Prucha, Ingmar R, 1999. "A Generalized Moments Estimator for the Autoregressive Parameter in a Spatial Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 509-33, May.
  19. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 17(1), pages 99-121, July.
  20. Mendelsohn, Robert, 1985. "Identifying Structural Equations with Single Market Data," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 67(3), pages 525-29, August.
  21. Diamond, Douglas Jr. & Smith, Barton A., 1985. "Simultaneity in the market for housing characteristics," Journal of Urban Economics, Elsevier, Elsevier, vol. 17(3), pages 280-292, May.
  22. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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  1. > Environmental and Natural Resource Economics > Environmental Economics > Economics of acidification
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