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This chapter covers the current theory and empirical methods in hedonic valuation of environmental and natural resources. A framework is first presented that links hedonic price functions to theoretically correct welfare measures for changes in environmental amenities. The major empirical methods for estimating a hedonic price function are discussed beginning with data construction and basic estimation approaches, and progressing through to techniques for addressing endogenous regressors including spatial econometrics and quasi-experimental methods. The use of the hedonic price function for obtaining measures of welfare change for changes in environmental amenities are also presented. Sorting models and second-stage demand analysis in both a single-market and multiple-market context are described. Applications and examples from housing and labor markets are used throughout to illustrate concepts covered.
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