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Hedonic Prices and the Benefits of Public Projects

Yoshitsugu Kanemoto
Econometrica
Vol. 56, No. 4 (Jul., 1988), pp. 981-989
Published by: The Econometric Society
DOI: 10.2307/1912708
Stable URL: http://www.jstor.org/stable/1912708
Page Count: 9
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Hedonic Prices and the Benefits of Public Projects
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Abstract

Scotchmer has shown that, even if the population is homogeneous, hedonic prices do not correctly measure long-run benefits of a large public project. This paper examines the direction of errors caused by the use of cross-sectional land rent differentials in benefit estimation. The short-run benefits with fixed lot size are also considered.

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