Abstract
The social value of a nonmarginal improvement to amentities is not related to hedonic prices in a simple way. Furthermore, hedonic price data do not completely reveal preferences. In order to evaluate short-run benefits of an improvement, the rate of change of the hedonic price function must be normalized by a ratio of population densities. To calculate long-run benefits of the improvement one must calculate the responsiveness of population densities to the nonmarginal improvement. A technique to do so is suggested.
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