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Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach

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

Abstract

Efficient allocation of water requires knowledge of water's value in both consumptive and nonconsumptive uses. This study estimates the marginal value of water in lake recreational and aesthetic (RA) use. An hedonic price equation (employing the Box-Cox functional form) indicates lake front location, distance to lake, and scenic view are significant RA characteristics of housing. Water front properties command a premium price for the private access they offer. Beyond the water front, the marginal RA price falls rapidly with increasing distance, becoming asymptotic to some minimum. Twenty-two percent of housing price is found to be attributable to the RA component.

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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 27 (1995)
Issue (Month): 01 (July)
Pages:

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Handle: RePEc:ags:joaaec:15347

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Web page: http://www.saea.org/jaae/jaae.htm
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Keywords: Aesthetic; Box-Cox; Hedonic; Housing; Lake; Nonmarket; Recreation; Water; 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. 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.
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Citations

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Cited by:
  1. Kovacs, Kent F. & Larson, Douglas M., 2005. "Development Patterns and the Recreation Value of Amenities," 2005 Annual meeting, July 24-27, Providence, RI 19149, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. O. Ashton Morgan & Stuart E. Hamilton, 2009. "Disentangling Access and View Amenities in Access-restricted Coastal Residential Communities," Working Papers 09-10, Department of Economics, Appalachian State University.
  3. 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.
  4. Morgan, O. Ashton & Hamilton, Stuart E., 2011. "Disentangling Access and View Amenities in Access-Restricted Coastal Residential Communities," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(02), May.
  5. Brovencher, Bill & Sarakinos, Helen & Meyer, Tanya, 2006. "Does Small Dam Removal Affect Local Property Values? An Empirical Analysis," Staff Paper Series 501, University of Wisconsin, Agricultural and Applied Economics.
  6. Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
  7. Wu, JunJie & Adams, Richard M. & Plantinga, Andrew J., 2003. "Amenities In An Urban Equilibrium Model: Residential Development In Portland, Oregon," 2003 Annual meeting, July 27-30, Montreal, Canada 21961, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Liu, Sezhu & Hite, Diane, 2013. "Measuring the Effect of Green Space on Property Value: An Application of the Hedonic Spatial Quantile Regression," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143045, Southern Agricultural Economics Association.
  9. Lin, Haixia & Wu, JunJie, 2005. "Conservation Policy and Land Value: The Conservation Reserve Program," 2005 Annual meeting, July 24-27, Providence, RI 19417, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  10. Shrestha, Ram K. & Alavalapati, Janaki R.R., 2004. "Effect of Ranchland Attributes on Recreational Hunting in Florida: A Hedonic Price Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(03), December.
  11. Carolyn A. Dehring & Craig A. Depken, II & Michael R. Ward, 2006. "The Impact of Stadium Announcements on Residential Property Values: Evidence from a Natural Experiment in Dallas-Fort Worth," Working Papers 0616, International Association of Sports Economists;North American Association of Sports Economists.
  12. Russell Kashian, 2006. "Lake Drawdown: A Debate on the Value of 2 Inches of Water," Working Papers 06-02, UW-Whitewater, Department of Economics.
  13. Larkin, Sherry L. & Alavalapati, Janaki R.R. & Shrestha, Ram K., 2005. "Estimating the Cost of Preserving Private Lands in Florida: An Hedonic Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(01), April.
  14. Mooney, Sian, 1997. "Relationship Between the Implicit Value of Riverside Property, Environmental Amenities, and Streambank Protection," 1997 Annual Meeting, July 13-16, 1997, Reno\Sparks, Nevada 35789, Western Agricultural Economics Association.
  15. Peter Colwell & Carolyn Dehring, 2005. "The Pricing of Lake Lots," The Journal of Real Estate Finance and Economics, Springer, vol. 30(3), pages 267-283, April.

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