Abstract
There has been considerable debate as to the information contained in the coefficients of a cross-sectional regression of site rent on air quality. Much of the confusion surrounding the analysis of the relationships (a) between air quality changes and property value changes, (b) between property value changes and benefits derived from quality changes, and (c) between the estimated cross-sectional coefficients and all of the above, can be cleared up by a discussion of the meaning of the hedonic equation. In that context, the implications for demand analysis are clarified.
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