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Green price indices

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  • Spencer Banzhaf, H.

Abstract

This paper suggests two theoretically consistent and empirically tractable ways that a cost-ofliving index can be expanded to include the environment and other public goods. In addition, it presents an empirical illustration of such an index for Los Angeles, California, incorporating air quality and other spatially varying public goods using a hedonic model. The results indicate that the required information can be recovered and that including public goods can make a noticeable difference in the index.

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Bibliographic Info

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

Volume (Year): 49 (2005)
Issue (Month): 2 (March)
Pages: 262-280

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Handle: RePEc:eee:jeeman:v:49:y:2005:i:2:p:262-280

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

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  1. Willig, Robert D., 1978. "Incremental consumer's surplus and hedonic price adjustment," Journal of Economic Theory, Elsevier, Elsevier, vol. 17(2), pages 227-253, April.
  2. Poterba, James M, 1992. "Taxation and Housing: Old Questions, New Answers," American Economic Review, American Economic Association, American Economic Association, vol. 82(2), pages 237-42, May.
  3. Bockstael, N E & McConnell, K E, 1993. "Public Goods as Characteristics of Non-market Commodities," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 103(420), pages 1244-57, September.
  4. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 70(4), pages 668-75, November.
  5. Banzhaf, H. Spencer, 2002. "Quality Adjustment for Spatially-Delineated Public Goods: Theory and Application to Cost-of-Living Indices in Los Angeles," Discussion Papers, Resources For the Future dp-02-10-, Resources For the Future.
  6. Kurt J. Beron & James C. Murdoch & Mark A. Thayer, 1999. "Hierarchical Linear Models With Application to Air Pollution in the South Coast Air Basin," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 81(5), pages 1123-1127.
  7. V. Kerry Smith & H. Spencer Banzhaf, 2004. "A Diagrammatic Exposition of Weak Complementarity and the Willig Condition," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 86(2), pages 455-466.
  8. Kenneth Y. Chay & Michael Greenstone, 2005. "Does Air Quality Matter? Evidence from the Housing Market," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 113(2), pages 376-424, April.
  9. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, Elsevier, vol. 13(1), pages 25-42, January.
  10. Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, American Economic Association, vol. 64(6), pages 977-94, December.
  11. Palmquist, Raymond B., 2006. "Property Value Models," Handbook of Environmental Economics, Elsevier, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 16, pages 763-819 Elsevier.
  12. Gillingham, Robert, 1983. "Measuring the Cost of Shelter for Homeowners: Theoretical and Empirical Considerations," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 65(2), pages 254-65, May.
  13. Nordhaus, William D, 1999. "Beyond the CPI: An Augmented Cost-of-Living Index," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 17(2), pages 182-87, April.
  14. Sudip Chattopadhyay, 1999. "Estimating the Demand for Air Quality: New Evidence Based on the Chicago Housing Market," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 75(1), pages 22-38.
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Cited by:
  1. Mota, Rui Pedro & Domingos, Tiago & Martins, Victor, 2010. "Analysis of genuine saving and potential green net national income: Portugal, 1990-2005," Ecological Economics, Elsevier, Elsevier, vol. 69(10), pages 1934-1942, August.
  2. H. Spencer Banzhaf & James Boyd, 2012. "The Architecture and Measurement of an Ecosystem Services Index," Sustainability, MDPI, Open Access Journal, vol. 4(4), pages 430-461, March.
  3. Ossama Mikhail & J. Walter Milon & Richard Hofler, 2005. "Is Investment in Environmental Quality a Solution to Recessions? Studying the Welfare Effects of Green Animal Spirits," Others, EconWPA 0510010, EconWPA.
  4. Schaltegger, Stefan & Burritt, Roger L., 2010. "Sustainability accounting for companies: Catchphrase or decision support for business leaders?," Journal of World Business, Elsevier, Elsevier, vol. 45(4), pages 375-384, October.
  5. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers, European Regional Science Association ersa10p511, European Regional Science Association.
  6. Montero, José María & Larraz, Beatriz & Chasco, Coro, 2008. "Building an Environmental Quality Index for a big city: a spatial interpolation approach with DP2," MPRA Paper 10736, University Library of Munich, Germany.
  7. José-María Montero & Coro Chasco & Beatriz Larraz, 2010. "Building an environmental quality index for a big city: a spatial interpolation approach combined with a distance indicator," Journal of Geographical Systems, Springer, Springer, vol. 12(4), pages 435-459, December.
  8. Gheorghe Săvoiu & Vasile Dinu & Laurenţiu Tăchiciu, 2012. "Romania Foreign Trade in Global Recession, Revealed by the Extended Method of Exchange Rate Indicators," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, Academy of Economic Studies - Bucharest, Romania, vol. 14(31), pages 173-194, February.
  9. Boyd, James & Banzhaf, Spencer, 2007. "What are ecosystem services? The need for standardized environmental accounting units," Ecological Economics, Elsevier, Elsevier, vol. 63(2-3), pages 616-626, August.
  10. Banzhaf, H. Spencer, 2002. "Quality Adjustment for Spatially-Delineated Public Goods: Theory and Application to Cost-of-Living Indices in Los Angeles," Discussion Papers, Resources For the Future dp-02-10-, Resources For the Future.
  11. Román Mínguez & José-María Montero & Gema Fernández-Avilés, 2013. "Measuring the impact of pollution on property prices in Madrid: objective versus subjective pollution indicators in spatial models," Journal of Geographical Systems, Springer, Springer, vol. 15(2), pages 169-191, April.

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