Upper and lower limits of overestimation ratio of hedonic measure

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The purpurse of this research is to estimate upper and lower bound of hedonic measure when applied to estimate benefits of an environmental project. We proved that Kanemoto's overstiamtion theorem (1988) can be vaid even for many types of heterogeious consumer exist. We also demonstrated the overestiamtion ratios,i.e. hedonic measure over gross benefit, can be applicable to most of the cases within resonable ranges.