The Hedonic Approach: No Panacea for Valuing Water Quality Changes
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The hedonic approach has been advanced recently
as an important tool for assessing the
value of non-market environmental attributes. In
its most usual form, the method involves an attempt
econometrically to capture differential
prices for homes attributable to variations in
the environmental characteristic. This technique
has been applied with success for a variety of
attributes - most notably the study of air pollution.
However, the case studies reported here
for water quality valuation were much less successful.
We advance several reasons why the hedonic
approach may be ill-suited to measuring the
value of water quality.