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Green price indices

  • Spencer Banzhaf, H.

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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File URL: http://www.sciencedirect.com/science/article/B6WJ6-4DDXPDW-1/2/efea1f409a38a44387ad8af8e448d12c
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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
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622870

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  1. Palmquist, Raymond B., 2006. "Property Value Models," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 16, pages 763-819 Elsevier.
  2. 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, vol. 81(5), pages 1123-1127.
  3. Kenneth Y. Chay & Michael Greenstone, 1998. "Does Air Quality Matter? Evidence from the Housing Market," NBER Working Papers 6826, National Bureau of Economic Research, Inc.
  4. 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, vol. 86(2), pages 455-466.
  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 dp-02-10-, Resources For the Future.
  6. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, vol. 13(1), pages 25-42, January.
  7. Bockstael, N E & McConnell, K E, 1993. "Public Goods as Characteristics of Non-market Commodities," Economic Journal, Royal Economic Society, vol. 103(420), pages 1244-57, September.
  8. Willig, Robert D., 1978. "Incremental consumer's surplus and hedonic price adjustment," Journal of Economic Theory, Elsevier, vol. 17(2), pages 227-253, April.
  9. James M. Poterba, 1992. "Taxation and Housing: Old Questions, New Answers," NBER Working Papers 3963, National Bureau of Economic Research, Inc.
  10. 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, vol. 70(4), pages 668-75, November.
  11. Muellbauer, John, 1974. "Household Production Theory, Quality, and the "Hedonic Technique."," American Economic Review, American Economic Association, vol. 64(6), pages 977-94, December.
  12. Nordhaus, William D, 1999. "Beyond the CPI: An Augmented Cost-of-Living Index," Journal of Business & Economic Statistics, American Statistical Association, vol. 17(2), pages 182-87, April.
  13. Sudip Chattopadhyay, 1999. "Estimating the Demand for Air Quality: New Evidence Based on the Chicago Housing Market," Land Economics, University of Wisconsin Press, vol. 75(1), pages 22-38.
  14. Gillingham, Robert, 1983. "Measuring the Cost of Shelter for Homeowners: Theoretical and Empirical Considerations," The Review of Economics and Statistics, MIT Press, vol. 65(2), pages 254-65, May.
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