The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows

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• 作者：Arnstein Gjestland^a ; David Philip McArthur^a ; ^b ; ^{d.p.mcarthur@medisin.uio.no" class="auth_mail} ; Liv Osland^a ; ¹ ; ^{liv.osland@hsh.no" class="auth_mail} ; Inge Thorsen^a
• 关键词：Road infrastructure ; Benefit valuation ; Time savings ; Hedonic model ; Method validation
• 刊名：Transportation Research Part A: Policy and Practice
• 出版年：March, 2014
• 年：2014
• 卷：61
• 期：Complete
• 页码：136-151
• 全文大小：774 K

文摘

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鈥檚 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.