Hedonic Price Theory: Concept and Applications

by William C. Metz, Argonne Natl Lab, United States,
Joanne Lowry, Argonne Natl Lab, United States,
Mathew Morey, Argonne Natl Lab, United States,

Abstract: Direct and indirect techniques are being used to estimate economic consequences of proximity to existing or proposed public facilities. The hedonic price theory, an indirect technique, is the most logically suited, especially for capturing the shadow or implicit price of a characteristic such as proximity in the real estate market. While the theory is increasingly being used, there is also a growing tendency to draw inferences from the study of one or more hazards and situations and transfer the conclusions to a very different hazard and situation. The use of the hedonic price theory and the issue of transferability to radioactive waste facilities are addressed in this paper.

Subject Headings: Pricing | Economic factors | Public buildings | Radioactive wastes | Existing buildings | Real estate | Recycling

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