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Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis

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  • Lansford, Notie H., Jr.
  • Jones, Lonnie L.

Abstract

Historically, water allocation focused on quantities demanded by consumptive uses. As quantity demand grows, efficient allocation among consumptive and nonconsumptive uses becomes more critical. This hedonic approach provides information regarding recreational and aesthetic (RA) value for a central Texas lake. The model indicates several statistically significant RA characteristics of housing; proximity is the most important. Waterfront properties command a premium, but marginal RA price falls rapidly with increasing distance. Marginal RA values are estimated for selected water levels and are found to have a lower marginal price per acre-foot than many agricultural uses.

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Bibliographic Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 20 (1995)
Issue (Month): 02 (December)
Pages:

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Handle: RePEc:ags:jlaare:30776

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Web page: http://waeaonline.org/
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Related research

Keywords: Demand and Price Analysis; Resource /Energy Economics and Policy;

References

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  1. Godfrey, Leslie G., 1978. "Testing for multiplicative heteroskedasticity," Journal of Econometrics, Elsevier, vol. 8(2), pages 227-236, October.
  2. Pope, C. Arden, III & Stoll, John R., 1985. "The Market Value Of Ingress Rights For White-Tailed Deer Hunting In Texas," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(01), July.
  3. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  4. Breusch, T S & Pagan, A R, 1979. "A Simple Test for Heteroscedasticity and Random Coefficient Variation," Econometrica, Econometric Society, vol. 47(5), pages 1287-94, September.
  5. Harrison, David Jr. & Rubinfeld, Daniel L., 1978. "Hedonic housing prices and the demand for clean air," Journal of Environmental Economics and Management, Elsevier, vol. 5(1), pages 81-102, March.
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Citations

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Cited by:
  1. Khalil, Allali, 2004. "Environmental Services, Externalities and Agriculture: The Case of Mountain Tourism in Morocco," eJADE: electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization, Agricultural and Development Economics Division, vol. 1(1).
  2. Hodgkinson, Ann & Valadkhani, Abbas, 2009. "Community Valuations of Environmental Qality in Coastal Lakes: Lake Illawarra Case Study," Economics Working Papers wp09-03, School of Economics, University of Wollongong, NSW, Australia.
  3. Allali Khalil, 2004. "Environmental Services, Externalities and Agriculture: The Case of Mountain Tourism in Morocco," The Electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization of the United Nations, vol. 1(1), pages 63-86.
  4. Cho, Seong-Hoon & Bowker, James Michael & Park, William M., 2006. "Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially-weighted Hedonic Models," 2006 Annual meeting, July 23-26, Long Beach, CA 21242, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
  6. Aliza Fleischer, 2012. "A Room with a View — A Valuation of the Mediterranean Sea View," ERSA conference papers ersa12p144, European Regional Science Association.
  7. Nicholas Z. Muller, 2007. "Using Hedonic Property Models to Value Public Water Bodies: A Note Regarding Specification Issues," Middlebury College Working Paper Series 0721, Middlebury College, Department of Economics.
  8. Parcell, Joseph L. & Kastens, Terry L. & Dhuyvetter, Kevin C. & Schroeder, Ted C., 2000. "Agricultural Economists' Effectiveness In Reporting And Conveying Research Procedures And Results," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 29(2), October.
  9. Jan Rouwendal & Ramona van Marwijk & Or Levkovich, 2014. "The Value of Proximity to Water in Residential Areas," Tinbergen Institute Discussion Papers 14-047/VIII, Tinbergen Institute.
  10. Fishman, Kara J. & Leonard, Robert L. & Shah, Farhed A., 1999. "Valuing Water Quality Changes At Connecticut Lakes With Contingent Price Data," 1999 Annual meeting, August 8-11, Nashville, TN 21568, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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