Hedonic Prices and the Benefits of Public Projects

Yoshitsugu Kanemoto

Econometrica, 1988, vol. 56, issue 4, 981-89

Abstract: S. Scotchmer has shown that, even if the population is homogeneous, hedonic prices do not correctly measure long-run benefit s of a large public project. This paper examines the direction of err ors and shows that the use of cross-sectional land rent differentials leads to overestimation of the benefits. The short-run benefits with fixed lot size are also considered. Copyright 1988 by The Econometric Society.

Date: 1988
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Working Paper: Hedonic Prices and the Benefits of Public Projects (1985)
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