Which non-market valuation method estimates the economic value of an environmental good, such as air quality or proximity to a public park, by observing variations in residential property prices?

The Hedonic Pricing Method is a revealed-preference technique used to estimate the economic value of environmental characteristics by examining their effects on market prices. A residential property's price can be considered a function of several characteristics, including: Structural Characteristics: • Size of the house • Number of bedrooms • Age of the property • Construction quality Neighbourhood Characteristics: • Schools • Crime levels • Transportation facilities • Access to commercial areas Environmental Characteristics: • Air quality • Noise pollution • Proximity to parks • Water quality • Scenic views If otherwise similar houses located near a clean public park sell for higher prices than houses located farther away, the difference in prices can help estimate the value households place on proximity to the park. Travel Cost Method: The Travel Cost Method estimates the recreational value of environmental resources by examining the costs people incur to visit them. Contingent Valuation Method: The Contingent Valuation Method uses surveys to directly ask individuals about their willingness to pay for environmental goods or services. Therefore, option (C), Hedonic Pricing Method, is correct.