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Measuring Amenities and Disamenities in the Housing Market: Applications of the Hedonic Method

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The hedonic method is an econometric technique used to measure the value of or demand for a good. By considering the characteristics of the good, the method allows for analysis of how each part contributes to the good's value. Houses have many attributes that are not directly sold but which affect their value. This can include parts of a house -- such as a pool or half bathroom -- but also publicly-provided goods whose usage is associated with the home, such as public schools. This explains the widespread use of the hedonic method in regional science as amenities and disamenities have a spatial dimension. There are thousands of research articles that employ the hedonic model and there are various modifications and contexts studied. This book contains ten articles that utilize the hedonic model to measure amenities and disamenities. Topics covered include crime, noise, hospitals, zebra mussels, and schools. The articles and introductory chapter serve both as a survey of the previous hedonic literature as well as a representative selection of different methodological issues in hedonic estimation.


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