Boyle, M. and Kiel, K. (2001), A survey of house price hedonic studies of the impact of environmental externalities, Journal of Real Estate Literature, 9, 117- 144. 1. Why do economists tend to use house prices when trying to evaluate the costs associated with non-marketed goods? What are we implicitly assuming about the information available to potential buyers? 2. Outline the evidence presented in this paper for the impact of non-environmental factors on house prices. 3. Describe why OLS estimates of the estimates from the papers discussed in section `Air Quality Studies' might be biased. 4. Are there any other studies outlined in the paper that are likely to be preferable to those which just takes estimates from a straight Hedonic house price equation? 5. How do the methodologies discussed here relate to the paper by Chay and Greenstone (2005) discussed in the lecture