Yet the attempt to account for the value of happiness in purely hedonic terms seems to miss something.
The method commonly used to implement this approach is the hedonic technique.
The underlying assumption of a hedonic model is that products can be distinguished simply and uniquely by their characteristics.
One reason is hedonic: the satisfaction of a desire may bring pleasure, and pleasure is an intrinsic good.
Pain is a sensory-motor feeling state with aversive motivational (hedonic) value.
Thus, the actual wage embodies a series of hedonic prices for various attributes, including accidental risk.
In table 3, we report the estimated coefficients of the hedonic function for the urban, the rural, and the pooled (urban and rural) samples.
For reasons discussed, the hedonic models do not reveal any information about the impact of income on the willingness to pay for attributes.
