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The Economic Valuation of the Environment and Public Policy
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The Economic Valuation of the Environment and Public Policy

A Hedonic Approach

9781843761686 Edward Elgar Publishing
Noboru Hidano, Professor Emeritus, Tokyo Institute of Technology, Japan
Publication Date: December 2002 ISBN: 978 1 84376 168 6 Extent: 192 pp
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.

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Contents
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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.

Some of the book’s special features include:

• a comprehensive explanation of the basic theorem
• extensive discussions on the utility of the approach in the evaluation of both small-scale and large-scale projects
• detailed explanations of how the approach can best be applied to cost–benefit analysis
• an examination of the applicability of the hedonic method by comparing estimated values for various environmental and public services
• an illustration of public policy and environmental valuation using readily-understood examples.

The Economic Valuation of the Environment and Public Policy will be essential reading for students of environmental and ecological economics, environmental science and technology specialists, and all those who are interested in the evaluation of public sector projects.
Critical Acclaim
‘The Economic Valuation of the Environment and Public Policy fills an important gap in economic literature by providing a comprehensive account of hedonic pricing and its use in valuation of environmental amenities. . . . It should be invaluable to anyone contemplating undertaking a hedonic pricing study of an environmental amenity, as it contains practical advice on a myriad of modeling issues. Likewise, it should be of value to anyone wishing to thoroughly understand and critique the results of a hedonic pricing exercise.’
– Richard T. Carson, Environment

‘I appreciate this book’s blend between theory and applications. It contains an informative review of the development of the theory of the hedonic price technique as well as an insightful analysis of the econometrics of the approach. Noboru Hidano has a gift for breaking down the difficult theoretical and econometric problems into simple and manageable proportions.’
– Per-Olov Johansson, Stockholm School of Economics, Sweden
Contents
Contents: Preface 1. Introduction 2. The Hedonic Approach 3. Theory of Capitalization Hypothesis 4. Hedonic Measure as an Approximation of Benefit 5. Empirical Examination of the Accuracy of the Hedonic Approach 6. Comparison with Contingent Valuation Method 7. Estimation of Hedonic Price Function 8. Hedonic Price Method in Estimating the Value of Environment and Institutional Regulation 9. Environmental Cost–Benefit Analysis Using the Hedonic Price Method 10. Concluding Remarks Appendices References Index
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