Hedonic Price Analysis and Selectivity Bias: Water Salinity and Demand for Land
SourceEnvironmental and Resource Economics
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Hedonic valuation of quality attributes can be misleading when the assumption that these attributes are exogenous to sample selection is violated. This paper considers the simultaneity between hedonic valuation and sample selection in the context of a model of producer behavior and investigates empirically the case where land is demanded for use as an input either in agricultural production or in touristic development. The empirical analysis suggests that failing to correct for sample selection results in a biased valuation of the effect of water salinity on agricultural land.
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