A Hedonic Approach
New Horizons in Environmental Economics series
Despite the fact that the importance of the hedonic approach in public policy evaluation and environmental value estimation is widely accepted among practitioners as well as researchers in economics, it is difﬁcult to ﬁnd either a good introductory text or a precise and comprehensive professional book in the ﬁeld of study. This book is written to explain the hedonic approach not only from a fundamental conceptual viewpoint but also from rigorous theoretical perspectives. The book is especially designed to show the basic assumptions of the approach and the strengths and weaknesses of the method by careful treatment of the fundamental theorem on which the method is developed, that is, the crosssectional capitalization hypothesis. As to practical perspectives, the book examines the process of public policy or environmental valuation using understandable examples. In theoretical terms, the applicability of the method based upon the recent research ﬁndings is fully discussed. The book can be read without advanced knowledge of economics if the readers disregard the mathematical explanations (marked with an asterisk [*]). It can also be used by economics students, environmental science and technology specialists, and professionals in the public sector. The structure of the book is as follows. In the ‘Introduction’, we have an overview of the meaning of the hedonic approach and its characteristics. Chapter 2, ‘The hedonic approach’, starts with a brief research history of the approach, explaining the development of the hedonic conception, Rosen’s pioneering method and Ohta’s work in the early 1970s, the criticisms from Brown and...
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