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Estimating the Impact of Landfill Proximity on the Value of Real Estate Goods

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  • Giani Ionel Grădinaru

    ()
    (Academy of Economic Studies, Bucharest, Romania)

  • Ildiko Ioan

    (Academy of Economic Studies, Bucharest, Romania)

Abstract

A part of the net benefit from goods consumption is determined by their environmental characteristics. The size of the benefit depends on the properties of the goods, but also on how these are perceived by consumers. Therefore estimating environmental benefits allows, on the one hand, environment’s monetization, and on the other hand to formulate opinions about awareness regarding environmental issues and their impact on individual wellbeing. Departing from these facts, the paper aims to measure the environmental benefits of a real estate goods consumer, realizing an estimation of incompliant landfills (ICL) proximity’s impact on the value of these goods. For estimation, it was used the method of hedonic pricing and were processed regarding Bucharest periphery. Providing quantitative information regarding the importance of ecological criteria in the procurement of real estate goods, verification of the relevance of available estimations for Romania and the identification of the model that explains the impact of ICL on the value of real estate goods are the main contribution brought to knowledge development. In fact, the results obtained are aligned with the results of similar assessments made in Europe, indicating that 31,2% of the variation of real estate goods’ value is determined by the proximity of landfil. Studies regarding the relation between the size of variation and the development level could contribute to increase the relevance of these results for other regions of Romania.

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Bibliographic Info

Article provided by Academy of Economic Studies - Bucharest, Romania in its journal The AMFITEATRU ECONOMIC journal.

Volume (Year): 14 (2012)
Issue (Month): 31 (February)
Pages: 38-49

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Handle: RePEc:aes:amfeco:v:14:y:2012:i:31:p:38-49

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Keywords: environmental benefits; hedonic prices; landfill; real estate goods; Bucharest periphery;

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  1. Kiel Katherine A. & McClain Katherine T., 1995. "House Prices during Siting Decision Stages: The Case of an Incinerator from Rumor through Operation," Journal of Environmental Economics and Management, Elsevier, vol. 28(2), pages 241-255, March.
  2. Mark Thayer & Heidi Albers & Morteza Rahmatian, 1992. "The Benefits of Reducing Exposure to Waste Disposal Sites: A Hedonic Housing Value Approach," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 7(3), pages 265-282.
  3. Jeffrey P. Cohen & Cletus C. Coughlin, 2006. "Spatial hedonic models of airport noise, proximity, and housing prices," Working Papers, Federal Reserve Bank of St. Louis 2006-026, Federal Reserve Bank of St. Louis.
  4. Jong Seok Lim & Paul Missios, 2007. "Does size really matter? Landfill scale impacts on property values," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(10), pages 719-723.
  5. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 81-88, February.
  6. Hite, Diane, et al, 2001. "Property-Value Impacts of an Environmental Disamenity: The Case of Landfills," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 22(2-3), pages 185-202, March-May.
  7. Tzipi Eshet & Mira Baron & Mordechai Shechter, 2007. "Exploring Benefit Transfer: Disamenities of Waste Transfer Stations," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 37(3), pages 521-547, July.
  8. Jon Strand & Mette Vågnes, 2001. "The relationship between property values and railroad proximity: a study based on hedonic prices and real estate brokers' appraisals," Transportation, Springer, Springer, vol. 28(2), pages 137-156, May.
  9. Doru Alexandru Pleşea & Smaranda Vişan, 2010. "Good Practices Regarding Solid Waste Management Recycling," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, Academy of Economic Studies - Bucharest, Romania, vol. 12(27), pages 228-241, February.
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