The Economic Valuation Of The Environment And Public Policy: A Hedonic Approach (new Horizons In Environmental Economics)

The importance of the hedonic valuation approach in public policy evaluation and environmental value estimation is now widely accepted. This text 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 an introduction to the field and an aid for professionals and practitioners. It includes: 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 the applicability of the hedonic method by comparing estimated values for various environmental and public services; and an illustration of public policy and environmental valuation using readily-understood examples. 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 theoremextensive discussions on the utility of the approach in the evaluation of both small-scale and large-scale projectsdetailed explanations of how the approach can best be applied to cost-benefit analysisan examination of the applicability of the hedonic method by comparing estimated values for various environmental and public servicesan 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. Hidano (social engineering, Tokyo Institute of Technology, Japan) examines the hedonic approach in public policy evaluation and environmental value estimation, both from a fundamental conceptual viewpoint as well as theoretical perspectives. The volume's ten chapters include basic explanation of the approach, background and history, the capitalization hypothesis, a numerical analysis-based argument for the applicability of the theorem, an empirical study in Japan, a comparison of the accuracy of several approaches, the results of the value estimation in environmental goods and public services, and basic conceptions of cost-benefit analysis. Annotation (c)2003 Book News, Inc., Portland, OR