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The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows
Institution:1. Stord/Haugesund University College, Bjørnsonsgate 45, 5528 Haugesund, Norway;2. Department of Health Management and Health Economics, University of Oslo, Norway;1. Department of Physics, Sri Ramakrishna Mission Vidyalaya College of Arts and Science, Coimbatore 641 020, Tamil Nadu, India;2. Department of Physics, PPG Institute of Technology, Coimbatore 641 035, Tamilnadu, India;1. The National Center for AIDS/STD Control and Prevention, Chinese Center for Disease Control and Prevention, Beijing, China;2. Guangxi Center of Disease Control and Prevention, Nanning, China;3. The Emmes Corporation, Rockville, MD, USA;4. Integrated Substance Abuse Programs, David Geffen School of Medicine at UCLA, Los Angeles, CA, USA;5. National Institute on Drug Abuse, National Institutes of Health, Bethesda, MD, USA;6. Department of Epidemiology, UCLA Fielding School of Public Health, Los Angeles, CA, USA;7. The Bureau of HIV/AIDS Control, Guangxi Zhuang Autonomous Regional Health and Family Planning Commission, Nanning, China;8. BC Center for Excellence in HIV/AIDS, University of British Columbia, Vancouver, BC, Canada;1. State Key Laboratory Base of Eco-Hydraulic Engineering in Arid Area, Institute of Water Resources and Hydro-electric Engineering, Xi''an University of Technology, Xi′an 710048, China;2. Coastal Ecosystems Research Station of the Yangtze River Estuary, Ministry of Education Key Laboratory for Biodiversity Science and Ecological Engineering, Institute of Biodiversity Science, Fudan University, Shanghai 200433, China;3. Xi′an Jiaotong University, 28 Xianning West Road, Xi′an 710049, China
Abstract:We compare two estimates of benefits arising from the construction of new bridges in south-west Norway. One estimate comes from a hedonic property value model. Rather than follow an approach which is strictly theoretically correct, we adopt Rosen’s simple first-stage approach. To investigate and validate whether this simplified approach gives a reasonable estimate, we compare it to an estimate derived from a travel demand model. We find that a variant of an ex post hedonic house price model gives very similar estimates to the estimates from the travel demand model. This supports a hypothesis that the simplistic hedonic approach is reasonable.
Keywords:Road infrastructure  Benefit valuation  Time savings  Hedonic model  Method validation
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