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| Benefit Transfer Method× | Hedonic Pricing× | |
|---|---|---|
| Field | Economics | Economics |
| Family≠ | Process / pipeline | Regression model |
| Year of origin≠ | 1992 | 1974 |
| Originator≠ | Applied environmental-economics practice (formalized by Boyle & Bergstrom; Rosenberger & Loomis) | Sherwin Rosen |
| Type≠ | Secondary valuation: transferring existing estimates to a new policy site | Revealed preference valuation method |
| Seminal source≠ | Rosenberger, R. S., & Loomis, J. B. (2003). Benefit transfer. In P. A. Champ, K. J. Boyle, & T. C. Brown (Eds.), A Primer on Nonmarket Valuation. Kluwer/Springer. ISBN: 9780792364986 | Rosen, S. (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition. Journal of Political Economy, 82(1), 34–55. DOI ↗ |
| Aliases≠ | Benefit Transfer, Value Transfer, Unit Value Transfer, Benefit Function Transfer | Hedonic Regression, Characteristics Pricing Model |
| Related≠ | 4 | 3 |
| Summary≠ | Benefit transfer is the practice of estimating the economic value of a nonmarket good — clean water, a recreation site, an endangered species, an avoided health risk — at a new 'policy site' by adapting value estimates from one or more existing 'study sites' where primary valuation research was already conducted. Because original contingent-valuation, choice-experiment, or hedonic studies are expensive and slow, analysts facing limited time and budgets transfer existing results, ranging from simply borrowing a single dollar value (unit value transfer) to transplanting an entire estimated valuation function (function transfer) or predicting from a meta-regression of many prior studies. | The hedonic pricing model, developed by Sherwin Rosen in 1974 and building on Kevin Lancaster's characteristics theory (1966), is an econometric method for valuing the implicit prices of product attributes by regressing market prices on observed characteristics. It reveals the trade-offs consumers are willing to make among product features and can be used to infer valuations of environmental amenities (e.g., air quality via house prices) and to adjust price indices for quality changes. |
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