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Full-Text Articles in Business
A Monte Carlo Analysis Of Hedonic Models Using Traditional And Spatial Approaches, Helen R. Neill, David M. Hassenzahl, Djeto D. Assane
A Monte Carlo Analysis Of Hedonic Models Using Traditional And Spatial Approaches, Helen R. Neill, David M. Hassenzahl, Djeto D. Assane
Public Policy and Leadership Faculty Publications
Hedonic regression analysis of single family homes typically includes structural variables, locational variables and neighborhood quality characteristics. When nearby properties are related, Dubin (1988) reports that error terms are spatially autocorrelated. Estimation methods for these spatially autocorrelated error terms or hereafter, spatial approaches, include maximum likelihood estimation (MLE) and kriging techniques such as kriged maximum likelihood estimation (KMLE). Unfortunately these spatial methods require massive computer resources and are limited to significantly fewer observations than traditional ordinary least squares (OLS). This paper investigates the combination of spatial approaches and Monte Carlo analysis, a method that approximates large data sets. A question …
Perspectives On Radioactive Waste Disposal: A Consideration Of Economic Efficiency And Intergenerational Equity, Helen R. Neill, Robert H. Neill
Perspectives On Radioactive Waste Disposal: A Consideration Of Economic Efficiency And Intergenerational Equity, Helen R. Neill, Robert H. Neill
Public Policy and Leadership Faculty Publications
There are both internal and external pressures on the U.S. Department of Energy to reduce the estimated costs of isolating radioactive waste, $19 billion for transuranic waste at Waste Isolation Pilot Plant (WIPP) and $57 billion for high level waste at Yucca Mountain. The question arises whether economic analyses would add to the decision-making process to reduce costs yet maintain the same level of radiological protection. This paper examines the advantages and disadvantages of using cost-benefit analysis (CBA), a tool used to measure economic efficiency as an input for these decisions. Using a comparative research approach, we find that CBA …