The Economic Valuation of the Environment and Public Policy

The Economic Valuation of the Environment and Public Policy

A Hedonic Approach

New Horizons in Environmental Economics series

Noboru Hidano

The importance of the hedonic valuation approach in public policy evaluation and environmental value estimation is now widely accepted. This book is especially designed to illustrate the basic assumptions of the hedonic approach and highlight the strengths and weaknesses associated with it. Combining rigorous theoretical analysis, detailed empirical studies and an extensive history of hedonic valuation, the book is both a good introductory text to the field and a precise yet comprehensive aid for professionals and practitioners alike.

Notation

Noboru Hidano

Subjects: environment, environmental sociology, politics and public policy, public policy

Extract

a parameter of the Cobb–Douglas production function or general parameters of any functions AI area of Region I ACCi accessibility of Region i b a parameter of production function or general parameters of any functions B benefit or hedonic measures c total cost of production c a parameter of production function and a cost function (or unit cost) in Appendices 6 and 7 C cost of a project T C cost of a project in Appendices 6 and 7 dh number of household trips i f di number of firm trips DIDni population of densely inhabited districts in Region i E expenditure function EV equivalent variation f general function f, z) production function f(n, l f firm h household or consumers H area of the region i interest rate or stands for a region K stock of infrastructure lf land input for firms lh residential land for the household Leq equivalent power level of noise a 151 152 The economic valuation of the environment and public policy LPh, LPf m n N O Pik Pm ik q r r* i s S tm ik T TT i u ␯ V VC w W x X z, Z ␣, ␤, ␥ ␻ ␬ ␭, ␮, ␯ residential and business land prices, respectively number of firms number of workers or consumers number of consumers or total number of workers or consumers offer function of producers unit transport fare transport cost (for example, fares) of transport mode m between i and k generalized cost, time, or physical distance land...

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