TY - JOUR T1 - Quasi Experiments, Hedonic Models, and Estimating Trade-offs for Local Amenities JF - Land Economics JO - Land Econ SP - 413 LP - 431 DO - 10.3368/le.89.3.413 VL - 89 IS - 3 AU - H. Allen Klaiber AU - V. Kerry Smith Y1 - 2013/08/01 UR - http://le.uwpress.org/content/89/3/413.abstract N2 - This paper evaluates whether the property value capitalization effects measured with quasi-experimental methods offer reliable estimates of willingness to pay for changes in amenities. We propose the use of a market simulation as a robustness check. Two applications establish the method’s relevance. The first examines the conversion of land cover from desert to wet landscape. The second examines cleanup of hazardous waste sites. We find that even when quasi-experimental methods have access to ideal instruments, their performance in measuring general equilibrium willingness to pay cannot be assumed ideal. It needs to be evaluated considering the specific features of each application. (JEL Q51) ER -