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Land Use Conflicts in the Coastal Zone: An Approach for the Analysis of the Opportunity Costs of Protecting Coastal Resources

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  • Edwards, Steven F.
  • Anderson, Glen D.
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    Abstract

    The implicit price (hedonic) equation for the housing market in a coastal town in southern Rhode Island was estimated using a conditional Box-Cox maximum likelihood procedure. Linear, log-linear, and semi-log functional forms were rejected with 95% confidence. Estimates of marginal implicit prices for water related attributes (view of, frontage on, and proximity to a coastal salt water pond) derived from these rejected models were quite different from those determined from the optimal functional form. This result has important ramifications for public policy, as is shown in an example, since these attributes were found to be highly valued in the housing market.

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    File URL: http://purl.umn.edu/159270
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    Bibliographic Info

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

    Volume (Year): 13 (1984)
    Issue (Month): 1: (April)
    Pages:

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    Handle: RePEc:ags:nejare:159270

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    Web page: http://www.narea.org/
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    Related research

    Keywords: Community/Rural/Urban Development; Land Economics/Use;

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    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
    3. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-77, March.
    4. Richard V. Butler, 1982. "The Specification of Hedonic Indexes for Urban Housing," Land Economics, University of Wisconsin Press, vol. 58(1), pages 96-108.
    5. Freeman, A Myrick, III, 1979. " Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 154-73.
    6. Brown, Gardner M, Jr & Pollakowski, Henry O, 1977. "Economic Valuation of Shoreline," The Review of Economics and Statistics, MIT Press, vol. 59(3), pages 272-78, August.
    7. Leonard Shabman & Michael K. Bertelson, 1979. "The Use of Development Value Estimates for Coastal Wetland Permit Decisions," Land Economics, University of Wisconsin Press, vol. 54(2), pages 213-222.
    8. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, vol. 56(2), pages 125-141.
    9. 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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