The Economic Valuation of the Environment and Public Policy

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The importance of the hedonic valuation approach in public policy evaluation and environmental value estimation is now widely accepted. This text 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 an introduction to the field and an aid for professionals and practitioners. It includes: 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 the applicability of the hedonic method by comparing estimated values for various environmental and public services; and an illustration of public policy and environmental valuation using readily-understood examples.