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Valuing Environmental Quality: A Space-Based Strategy

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  • John I. Carruthers
  • David E. Clark

Abstract

This 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 Info

Article provided by Wiley Blackwell in its journal Journal of Regional Science.

Volume (Year): 50 (2010)
Issue (Month): 4 ()
Pages: 801-832

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Handle: RePEc:bla:jregsc:v:50:y:2010:i:4:p:801-832

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Cited by:
  1. Stephens, Heather & Partridge, Mark, 2012. "Lake Amenities, Environmental Degradation, and Great Lakes Regional Growth," MPRA Paper 43903, University Library of Munich, Germany.
  2. Thomas K. Bauer & Sebastian Braun & Michael Kvasnicka, 2013. "Distant Event, Local Effects? Fukushima and the German Housing Market," Kiel Working Papers 1857, Kiel Institute for the World Economy.
  3. Partridge, Mark D. & Rickman, Dan S., 2012. "Integrating regional economic development analysis and land use economics," MPRA Paper 38291, University Library of Munich, Germany.
  4. Millimet, Daniel L., 2013. "Environmental Federalism: A Survey of the Empirical Literature," IZA Discussion Papers 7831, Institute for the Study of Labor (IZA).
  5. 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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