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In this paper a multi-criteria decision-making (MCDM) method is developed to rank a set of insurance companies. The proposed method is based on combining two MCDM methods: Extended Best–Worst (EBW) and Multiple Reference Point (MRP) methods. We formulate the problem of finding a priority vector from a set of interval pairwise comparisons applying an EBW method which allows the decision maker (DM) to use interval values in order to describe the relative importance of one criterion over another. The EBW method, using fuzzy set theory, can successfully handle the vagueness and ambiguity present in the judgments. Lastly, the MRP method is employed to obtain an overall score for each company using the weights established at the first stage. A case study is presented to rank Spanish non-life insurance companies based on the constructed model. Since the evaluation of insurance companies involves a great number of indicators, it is a complex MCDM issue. The results show the effectiveness of the proposed method and offer an insightful reference for an evaluation of the insurance industry.

This article contributes to the debate about whether the investment in tourism sustainability is economically profitable for firms. Specifically, using cross-sectional analysis, we explore the existence of a causal link between the possession of a voluntary sustainable certification, Eco-Management and Audit Scheme (EMAS), and the increase in the prices of hotel accommodation. For this, the hedonic price method is used. Prior to the hedonic estimation, the propensity score-matching methodology is applied in order to control for self-selection bias. The analysis is carried out for coastal hotels located in the southern area of Tenerife (Canary Islands, Spain) which merits attention as a typical mature sun and beach tourist destination. The study does not reveal any significant effects of sustainable certification on the prices of accommodations, which would appear to explain the low participation of establishments in the program. We conclude by providing some useful insights on measures aimed at improving related policies.

Our aim is to analyse the causal effect of the Socially Responsible Investment (SRI) label on the market value of mutual funds using the hedonic approach. We work with the market value of mutual funds as the dependent variable and financial characteristics jointly with the SRI label as the independent variables. Prior to hedonic evaluation a matching methodology is applied to the Environmental, Social and Governance (ESG) variables in order to balance these characteristics on the two sub-samples: SRI and conventional mutual funds. Data for our empirical analysis come from the Vigeo Database for the non-financial characteristics, and from the Morningstar Database for the rest of the necessary data. The results of the empirical study shows that there is a direct and statistically significant relationship between the SRI label and the market value of mutual funds during the studied period. This finding provides evidence of the growth of SRI, in line with most current research.

This study analyses the impacts of environmental amenities associated with agricultural and silvicultural land use on the price of rural tourism accommodation in Asturias (Spain). A hedonic price model that relates the price of rural accommodation to environmental amenities as well as equipment, services offered, and the locational characteristics of the accommodation is estimated. The rural accommodations in the study are the self-catering cottages, the intrinsic features of which promote the development of rural tourism sustainability. Geographic information systems (GIS) data are used to measure the location and the proximity to amenities of these self-catering cottages. The main results indicate that agricultural land use has an important impact on the price of accommodation in self-catering cottages. Specifically, a high percentage of grassland in the municipality where the self-catering cottage is sited has a positive effect on rental prices, while a high percentage of arable crops has the opposite effect. The analysis is interesting for decision-making in the context of environmental policies, land use conflict resolution, and rural tourism sustainability.

The aim of this article is to calculate the market valuation of quality characteristics and locational attributes of private secondary school in Spain. In order to achieve this, a hedonic price regression is estimated. The quality characteristics of a school appear to be important determinants of tuition in Spain.

This research presents a novel framework for selecting Socially Responsible Investment (SRI) portfolios. The Hedonic Price Method (HPM) is applied to obtain an evaluation of SRI criteria that is integrated into a multi–objective mathematical programming model. This approach allows us to obtain a portfolio whose financial performance is similar to which the investor would have reached if he or she had not taken into account Social, Ethical and Environmental (SEE) characteristics when making his or her investment decisions. This methodology is applied to portfolios composed of socially responsible and conventional mutual funds domiciled in Spain.

The hedonic price method is used to estimate the relationship between residential property values and proximity to an integrated iron and steel plant located in the outskirts of Gijon, a city in the north of Spain. Empirical results suggest that there is a statistically significant negative relationship between housing values and the distance from the iron and steel plant. From a partial equilibrium analysis, increasing the distance from the plant, decreasing plant production or dismantling the plant would lead to an increase in the value of the housing units. The results show as well that the housing units located nearest to the factory would be the most favoured by applying the aforementioned changes.

El objetivo del trabajo es el cálculo de la variación de bienestar que se produce en los consumidores por una mejora en su calidad medio ambiental. El análisis se basa en la aplicación del método de precios hedónicos (Rosen, 1974) al campo medio ambiental. En una primera etapa se estima el precio de la variable medio ambiental y, posteriormente, su demanda. Una vez realizada la estimación, se calcula la variación de bienestar a través de la medida hicksiana de la variación compensatoria. El ámbito espacial del estudio coincide con las poblaciones más importantes de la zona central del Principado de Asturias, Oviedo, Gijón, Avilés, Mieres y Langreo. Los datos son del año 1996. Classification-JEL : : H41 (Public Goods)