The economic valuation of the environment and public policy : a hedonic approach / Noboru Hidano.

Format:

Book

Author/Creator:

Hidano, Noboru, 1949-

Series:

New horizons in environmental economics

Language:

English

Subjects (All):

Environmental economics.

Hedonism.

Environmental policy.

Physical Description:

xv, 167 pages : illustrations, maps ; 23 cm.

Place of Publication:

Cheltenham, UK ; Northampton, MA : E. Elgar, [2002]

Contents:

2 The hedonic approach 9

Development of the hedonic conception 9

Rosen's method and work in the 1970s 10

Econometrics after the 1980s 13

Scotchmer's crucial comments 15

Reconsideration of capitalization theory 16

3 Theory of capitalization hypothesis 18

Two types of capitalization 18

Theory of cross-sectional capitalization 21

Extension 27

4 Hedonic measure as an approximation of benefit 29

Examination of overestimation ratio 29

Results 31

An extension: CES functions 33

5 Empirical examination of the accuracy of the hedonic measure 37

Large national project evaluation 37

Introduction of accessibility and the model revised 37

Parameter estimation method and data 39

Results 42

6 Comparison with contingent valuation method 45

Meaning of comparison 45

Air pollution 46

Water Environment 47

7 Estimation of hedonic price function 51

Market segmentation and sample size for hedonic analysis 51

Types of property data 52

Explanatory characteristics of a property 61

Making variables fit the reality 63

Hedonic price function and unit and form of variables 68

8 Hedonic price method in estimating the value of environment and institutional regulation 71

Changes in consumer preference on an upper-class housing estate in Tokyo, 1934 and 1985 71

Amenity value 74

Environmental cost 87

Value of institutional measures: The regulation on floor to land area ratio in the CBD 95

Characteristics of the values of the environment and public services 96

9 Environmental cost-benefit analysis using the hedonic price method 102

Basic principles of cost-benefit analysis 102

Procedure 111

A numerical example 117

Appendix 1 Proof of time-series capitalization 127

Appendix 2 Proof of the overestimation theorem 130

Appendix 3 Proof of equality conditions 134

Appendix 4 Model and proof of the overestimation theorem in the case of heterogeneous consumers 139

Appendix 5 Short-run case 141

Appendix 6 Two-region general equilibrium model 144

Appendix 7 Two-region two type of consumer general equilibrium model 147

Appendix 8 Schedule of benefits and costs 150.

Notes:

Includes bibliographical references (pages 154-161) and index.

ISBN:

1843761688

OCLC:

50333845