Hedonic Prices and the Benefits of Public Projects
AbstractWhen lot side is endogenous, hedonic prices do not provide a correct benefit measure of a large public project even if population is homogeneous. Except for some polar cases where they yield correct estimates, the use of hedonic prices results in over-estimation. The results are extended to cases of heterogeneous populations. The short-run benefits with fixed lot size are also examined.
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Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 617.
Length: 29 pages
Date of creation: 1985
Date of revision:
Other versions of this item:
- Kanemoto, Yoshitsugu, 1988. "Hedonic Prices and the Benefits of Public Projects," Econometrica, Econometric Society, vol. 56(4), pages 981-89, July.
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