Question

1) What is the difference between the following?

-hedonic property

-hedonic wage

-travel cost

-contigent valuation

Answer 1

The hedonic property method is identifying the price factors according to the premise that both determine the price of internal characteristics of the good sold and external factors affecting it.

Hedonic wage is the function of sorting workers and firms among the various levels of job.

The travel cost method is used to calculate economic use values associated with the environmental goods and services used for the recreation.

The contingent valuation is the method using to estimate economic values of all kind of environmental services.