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Urban Studies and Planning Commons

Open Access. Powered by Scholars. Published by Universities.®

2013

Economics

Selected Works

Hedonic analysis

Articles 1 - 2 of 2

Full-Text Articles in Urban Studies and Planning

Spatial Equilibrium In The Labor Market, Philip E. Graves Jan 2013

Spatial Equilibrium In The Labor Market, Philip E. Graves

PHILIP E GRAVES

The paper discusses two approaches to spatial equilibrium in the labor market. The more traditional approach of labor economics assumes wage differentials represent arbitrageable differences in utility, with implications 1) that migration should be toward higher wage areas and 2) that migration flows will lead to convergence in wages over space. The more recent approach of urban/regional economics follows Roback in examining the implications of assumed equilibrium in utility over space. In this view wage differentials are compensatory (along with rent differentials) for amenity variation over space. The implications for wage convergence over space are complicated, but in general ...


The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves Jan 2013

The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves

PHILIP E GRAVES

Benefit-cost analysts attempt to compare two states of the world, the status quo and a state in which a policy having benefits and costs is being contemplated. For environmental policies, this comparison is greatly complicated by the difficulty in inferring the values that individuals place on an increment to environmental quality. Unlike ordinary private goods, environmental goods are not directly exchanged in markets with observable prices. In this chapter, the hedonic approach to inferring the beneļ¬ts of an environmental policy is examined.