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Hedonic Price Analysis and Selectivity Bias

  • Phoebe Koundouri

    ()

  • Panos Pashardes

    ()

Hedonic valuation of quality attributes can be misleading when theassumption that these attributes are exogenous to sample selection isviolated. This paper considers the simultaneity between hedonic valuationand sample selection in the context of a model of producer behavior andinvestigates empirically the case where land is demanded for use as an inputeither in agricultural production or in touristic development. The empiricalanalysis suggests that failing to correct for sample selection results in abiased valuation of the effect of water salinity on agricultural land. Copyright Kluwer Academic Publishers 2003

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File URL: http://hdl.handle.net/10.1023/A:1025633604579
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Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 26 (2003)
Issue (Month): 1 (September)
Pages: 45-56

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Handle: RePEc:kap:enreec:v:26:y:2003:i:1:p:45-56
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100263

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  1. Phoebe Koundouri & Panos Pashardes & Timothy Swanson & Anastasios Xepapadeas, . "The Economics of Water Management in Developing Countries Problems, Principles and Policies," DEOS Working Papers 0302, Athens University of Economics and Business.
  2. Hausman, Jerry A. & Leonard, Gregory K. & McFadden, Daniel, 1995. "A utility-consistent, combined discrete choice and count data model Assessing recreational use losses due to natural resource damage," Journal of Public Economics, Elsevier, vol. 56(1), pages 1-30, January.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Hellerstein, Daniel & Mendelsohn, Robert, 1993. "A Theoretical Foundation for Count Data Models," MPRA Paper 25265, University Library of Munich, Germany.
  5. repec:cup:cbooks:9780521296762 is not listed on IDEAS
  6. Koundouri, Phoebe, 2000. "Three approaches to measuring natural resource scarcity: theory and application to groundwater," MPRA Paper 38265, University Library of Munich, Germany.
  7. Russell, Clifford S. & Vaughan, William J., 1982. "The national recreational fishing benefits of water pollution control," Journal of Environmental Economics and Management, Elsevier, vol. 9(4), pages 328-354, December.
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