Based on a spatial-temporal general equilibrium model, we rigorously derive a measurement method using dynamic changes in cross-sectional hedonic prices to estimate the willingness to pay for urban amenity improvements. Hedonic approaches in the form of difference-in-differences or regression...

This paper demonstrates what kind of cost-benefit measure should be used for evaluation of local public policies involving migration. Luenberger (1992), extending “distributable surplus” presented by Allais (1981), formally introduced the so-called social benefit function that cardinally...

When making a location decision, a firm considers only its own trading costs and ignores trading costs paid by trading partner firms. The exclusion of the latter is the source of locational externalities. We examine this locational externality in the Tokyo metropolitan area, using the actual...