Munich Personal RePEc Archive

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

Graves, Philip E. and Knapp, Thomas A. (1985): Hedonic analysis in a spatial context: theoretical problems in valuing location-specific amenities. Published in: Economic Record , Vol. 61, No. 175 : pp. 737-743.

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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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