On the Issue of Functional Form Choice in Hedonic Price Functions: Further Evidence |
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Authors: | John M Halstead Rachel A Bouvier Bruce E Hansen |
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Institution: | (1) Department of Resource Economics and Development University of New Hampshire Durham, New Hampshire 03824, USA , US;(2) Department of Economics Boston College Chestnut Hill, Massachusetts, USA , US |
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Abstract: | / Historically, researchers applying the hedonic technique devoted little effort to testing alternative functional forms. This study used Box-Cox transformations on a hedonic model examining property value effects of a closed landfill to help select among alternative functional forms. Although this particular application found that a log-log functional form was appropriate, it appears that functional form may vary by problem and case study area selected. Benefit estimates generated using the hedonic technique may be substantial over- or underestimates if the incorrect functional form is chosen. Proximity to the landfill had no significant effect on property values.KEY WORDS: Hedonics; Functional form; Box-Cox; Landfills |
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Keywords: | : Hedonics Functional form Box-Cox Landfills |
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