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comprehensive and up-to-date coverage of landscape economics. Chapters address key issues like natural resources and environmental … applying a critical use of economic concepts and challenges to different schools of thought on the landscape. This new edition … price premia for products with a landscape provenance. The updates are a major contribution to the growing literature in the …
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Conventional hedonic analysis measures willingness to pay for attributes on the basis of marginal fixed costs. We argue that in many cases variable costs are also affected by these attributes and that this should be taken into account. We develop a simple model to show that the marginal...
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The recent literature has brought together the characteristics model of utility and classic revealed preference arguments to learn about consumers' willingness to pay. We incorporate market pricing equilibrium conditions into this setting. This allows us to use observed purchase prices and...
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The hedonic model of Rosen (1974) has become a workhorse for valuing the characteristics of differentiated products despite a number of well-documented econometric problems. For example, Bartik (1987) and Epple (1987) each describe a source of endogeneity in the second stage of Rosen's procedure...
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