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Hedonic Valuation Issues

  • Gary R. Skoog
Chapter

Abstract

This chapter reviews hedonic valuation issues. It begins in the general economics literature with a statement of what is being measured and provides three theoretical examples from leading authors. It then depicts market equilibrium and discusses empirical measurement strategies. Illustrations of what the value of life is not are discussed. Next, econometric issues causing a wide range of reported valuation results are discussed. Finally, attempts at forensic economics applications, within the context of wrongful death and personal injury litigation, are addressed. Because legal cases are treated in another chapter of this volume written by Ireland, and general acceptance for compensation purposes in forensic economics is discussed in a chapter written by Brookshire and Slesnick, these topics are excluded here. The chapter concludes with a lengthy references list.

Keywords

Labor Market Labor Supply Income Elasticity Indifference Curve Personal Injury 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Authors and Affiliations

  • Gary R. Skoog
    • 1
    • 2
  1. 1.De Paul UniversityChicagoUSA
  2. 2.Legal Econometrics, Inc.GlenviewUSA

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