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Hedonic Price Approach

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Hedonic Price Approach

Researchers can also use the hedonic price approach to measure the quality of urban life. Hedonic pricing is a traditional method that involves collecting data on the monetary value of public products and the cost of amenities such as houses. The cost of housing determines the location of settlers and their housing conditions to satisfy their needs. According to the assumptions made, most families prefer living in a cost-friendly environment; hence their preferences determine the price of housing they choose. For decades, analysts assume that the availability and cost of amenities affect the quality of life in that fewer expenses increase the QOL. Evaluations can be conducted on households in different living conditions to measure the per capita in each family. From the discussions with the interviewed, it is easier to determine whether the cost incurred on amenities such as rent favors their living conditions. According to prices incurred on housing, researchers compare values with the house features such as the number of rooms and quality of construction. Despite an increase in monetary in the neighborhood, poor quality housing indicates a lower QUOL. Recommendations require the amount paid for rent in urban areas to be equal with the quality of construction.

Life Satisfaction Method (LS).

The life satisfaction approach is another methodology used in measuring the quality of urban life. It involves identifying residential factors that satisfy individuals within a given area. Satisfaction results in happiness subjective to individuals’ well-being, hence a methodological by-product used to measure the QOL. The LS measures the utility of public goods and the spending rate; hence a combination of life satisfaction and hedonic approach provides an appropriate methodology for measuring the QUOL. The ability to use public assets and personal income results in life satisfaction, indicating improved urban life quality. The approach was successful in Amsterdam, where most individuals allowed to use public utilities with no limit reported experiencing an improved life satisfaction. In this case, public hospitals offered free medical services that improved the health conditions of settlers. Additionally, exposure to freely access neighborhood amenities results in a sense of belonging, bringing satisfaction to dwellers. Different methodologies can be used in improving the quality of urban life; therefore, it can be recommended to use the same approaches when conducting similar urban life research.

 

 

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