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Full-Text Articles in Political Economy
The Hedonic Method Of Valuing Environmental Policies And Quality, Philip E. Graves
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 benefits of an environmental policy is examined.
Non-Optimal Levels Of Suburbanization, Philip E. Graves
Non-Optimal Levels Of Suburbanization, Philip E. Graves
PHILIP E GRAVES
Suburbanization has many causes, among which is the attempt to relocate to acquire a more desirable vector of local public goods. The traditional economists' procedure for valuing public goods involves vertical aggregation of marginal willingness to pay, at a given income level. This approach is flawed by failing to recognize that individuals will not work for goods that cannot be acquired individually with higher incomes. There will be a parallel input market failure any time there is a public good output market failure, thus the `given income' of the traditional valuation method is too low. Hence, traditional valuation methods result …
The Urban Growth Question, Philip E. Graves
The Urban Growth Question, Philip E. Graves
PHILIP E GRAVES
City size is controversial...we present a paper that trades off the benefits and the costs of increased size. The issues are inevitably present.