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Hedonic analysis in a spatial context: theoretical problems in valuing location-specific amenities

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Keywords
  • A1 - General Economics
  • J31 - Wage Level And Structure
  • Wage Differentials
  • J61 - Geographic Labor Mobility
  • Immigrant Workers
  • N5 - Agriculture
  • Natural Resources
  • Environment
  • And Extractive Industries
  • C31 - Cross-Sectional Models
  • Spatial Models
  • Treatment Effect Models
  • Quantile Regressions
  • Social Interaction Models
  • D1 - Household Behavior And Family Economics

Abstract

Hedonic analysis is frequently implemented to generate implicit prices for location-specific amenities within single markets, either in cross-city wage differentials or within-city rent gradients. Amenities are shown to be generally priced in both land and labor markets, with single market valuations tending to understate true amenity values. Establishing a correct multi-market amenity valuation model is seen to depend on the resolution of a host of additional issues.

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