![]() ![]() Applications and examples from housing and labor markets are used throughout to illustrate concepts covered. Sorting models and second-stage demand analysis in both a single-market and multiple-market context are described. The use of the hedonic price function for obtaining measures of welfare change for changes in environmental amenities are also presented. The major empirical methods for estimating a hedonic price function are discussed beginning with data construction and basic estimation approaches, and progressing through to techniques for addressing endogenous regressors including spatial econometrics and quasi-experimental methods. A framework is first presented that links hedonic price functions to theoretically correct welfare measures for changes in environmental amenities. This chapter covers the current theory and empirical methods in hedonic valuation of environmental and natural resources.
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