Valuing Environmental Quality: A Space-Based Strategy
AbstractThis paper develops and applies a space-based strategy for overcoming the general problem of deriving the implicit demand for nonmarket goods. It focuses specifically on evaluating one form of environmental quality, distance from Environmental Protection Agency designated environmental hazards, via the single-family housing market in the Puget Sound region of Washington State. A spatial two-stage hedonic price analysis is used to: ("i") estimate the marginal implicit price of distance from air release sites, hazardous waste generators, hazardous waste handlers, superfund sites, and toxic release sites; and ("ii") estimate a series of implicit demand functions describing the relationship between the price of distance and the quantity consumed. The analysis, which represents an important step forward in the valuation of environmental quality, reveals that the information needed to identify second-stage demand functions is hidden right in plain sight-hanging in the aether of the regional housing market. Copyright (c) 2010, Wiley Periodicals, Inc.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Regional Science.
Volume (Year): 50 (2010)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146
Other versions of this item:
- David E. Clark, 2007. "Valuing Environmental Quality: A Space-Based Strategy," Working Papers and Research 0702, Marquette University, Center for Global and Economic Studies and Department of Economics.
- Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
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- Partridge, Mark D. & Rickman, Dan S., 2012. "Integrating regional economic development analysis and land use economics," MPRA Paper 38291, University Library of Munich, Germany.
- Millimet, Daniel L., 2013. "Environmental Federalism: A Survey of the Empirical Literature," IZA Discussion Papers 7831, Institute for the Study of Labor (IZA).
- Yu Xiao, 2011. "Local Economic Impacts Of Natural Disasters," Journal of Regional Science, Wiley Blackwell, vol. 51(4), pages 804-820, October.
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