The importance of the hedonic valuation approach in public policy evaluation and environmental value estimation is now widely accepted. This book is especially designed to illustrate the basic assumptions of the hedonic approach and highlight the strengths and weaknesses associated with it. Combining rigorous theoretical analysis, detailed empirical studies and an extensive history of hedonic valuation, the book is both a good introductory text to the field and a precise yet comprehensive aid for professionals and practitioners alike.
Some of the book's special features include:
- a comprehensive explanation of the basic theorem
- extensive discussions on the utility of the approach in the evaluation of both small-scale and large-scale projects
- detailed explanations of how the approach can best be applied to cost benefit analysis
- an examination of the applicability of the hedonic method by comparing estimated values for various environmental and public services
- an illustration of public policy and environmental valuation using readily-understood examples.
The Economic Valuation of the Environment and Public Policy will be essential reading for students of environmental and ecological economics, environmental science and technology specialists, and all those who are interested in the evaluation of public sector projects.