The Valuation of Climate and Air Quality in Taiwan- An Application of the Hedonic Price Method

• Main Authors: Tsai, Ming-Che, 蔡明哲
• Other Authors: Shaw, Daigee
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/r6fn54

碩士 === 國立臺北大學 === 自然資源與環境管理研究所 === 103 === The purpose of this study is to estimate the value of climate conditions and air quality in three Taiwan metropolitan areas using the hedonic price method. The hedonic price method examines the relationship between housing prices and their attributes, especially climate conditions and air quality. In this research, we use the data of the “Housing Demand Survey“ from the Construction and Planning Agency, Ministry of the Interior, R.O.C. The survey covers three major metropolises ─ Taipei, Taichung, Tainan and Kaohsiung. The indicators of climate conditions and air quality we use are average temperatures in January, average temperatures in July, average daily precipitation, range of daily precipitation, and suspended particles (PM10). We using the semi-logarithmic model to estimate the impacts of climate conditions and air quality on housing prices. And then, we calculate the marginal implicit prices of each environment variable. We then estimate inverse demand functions of climatic conditions and air quality using the marginal implicit prices of each environment variable. Finally, we evaluate households’ benefits (or losses) when climate conditions or air quality change. The result shows that, on average, every household will get NT$ 222,100 benefit from a 0.1 degree Celsius higher January temperature and NT$ 22,500 benefit from 0.1 mm/day more average daily precipitation. And every household will suffer NT$ 138,700 loss from a 0.1 degree Celsius higher July temperature, NT$ 23,200 loss from 0.1 mm/day more daily rainfall range, and NT$ 7,900 loss from 1 μg /m3 more PM10.