CAN MARKETS VALUE AIR-QUALITY - A METAANALYSIS OF HEDONIC PROPERTY VALUE MODELS
成果类型：
Article
署名作者：
SMITH, VK; HUANG, JC
署名单位：
University of North Carolina; East Carolina University
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/261981
发表日期：
1995
页码：
209-227
关键词：
摘要：
This paper reports the results of a statistical summary of estimates of the marginal willingness to pay (MWTP) for reducing particulate matter from hedonic property value models developed between 1967 and 1988. Results using both ordinary least squares and minimum absolute deviation estimators suggest that market conditions and the procedures used to implement the hedonic models were important to the resulting MWTP estimates. The interquartile range for these estimated marginal values (measured as a change in asset prices) lies between zero and $98.52 (in 1982-84 dollars) for a one-unit reduction in total suspended particulates (in micrograms per cubic meter). The mean MWTP is nearly five times the median ($109.90 vs. $22.40), suggesting that outliers are important influences to any summary statistics for these estimates.
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