This paper examines and compares objective, scientific measures of environmental quality with subjective measures of individuals’ perceptions obtained from survey information within the context of hedonic property value models. The specific application is to water clarity of freshwater lakes...

In an excellent article from a recent issue of this journal, Sellar, Stoll and Chavas (1985) make a technical error which causes them to misstate their closed-ended estimates of willingness to pay. Truncation of the estimated cummulative distribution function must we made explicit in compution...