MEASURING THE BENEFITS OF AIR QUALITY IMPROVEMENT: A SPATIAL HEDONIC APPROACH
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A spatial-econometric hedonic housing price model is estimated for the Seoul metropolitan area to measure the marginal value of improved air quality. Results showed that the spatial lag model fits best for both owner and renter households. Marginal WTP for a 4% improvement in air quality is about $3,200 for owners and $420 for renters.