Hedonic Valuation of Environmental Amenities and Issues of Model Selection
Chattopadhyay, Sudip
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https://hdl.handle.net/2142/85621
Description
Title
Hedonic Valuation of Environmental Amenities and Issues of Model Selection
Author(s)
Chattopadhyay, Sudip
Issue Date
1997
Doctoral Committee Chair(s)
Brueckner, Jan K.
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Environmental Sciences
Language
eng
Abstract
The nested logit model is applied to the Chicago housing data set, with the goal of valuing environmental amenities. Four alternative hierarchical nestings based on dwelling, neighborhood, and city attributes are considered, and a sampling rule satisfying McFadden's uniform conditioning property is adopted. The benefit estimates of dwelling and city attributes are found to be less sensitive, while those of neighborhood attributes are found to be more sensitive to alternative nesting strategies. The effects of household demographics on parameter estimates generally conform to standard notions. A comparison of the model with the standard two-step hedonic model reveals that the benefit estimates are consistently lower in the case of the former.
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