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Riparian Buffers and Hedonic Prices: A Quasi-Experimental Analysis of Residential Property Values in the Neuse River Basin

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  • Okmyung Bin
  • Craig E. Landry
  • Gregory F. Meyer

Abstract

Riparian buffers, the strips of vegetation along banks of rivers and streams, have been proposed as a key instrument to protect water quality in the United States. Riparian buffers impose a restriction on the use of private property limiting harvest and development, but buffers can also provide for aesthetic and recreational benefits that may accrue to property owners. With data from the Neuse River Basin in North Carolina, this study attempts to provide empirical evidence on the effect of a mandatory buffer rule on the value of riparian properties. Spatial autoregressive hedonic models are estimated within a quasi-experimental framework using the imposition of the buffer rule as the treatment and nonriparian properties as a control group. Results indicate that a riparian property generally commands a high premium. We find no evidence, however, that the mandatory buffer rule has had a significant impact on riparian property values when compared with the control group. Copyright 2009, Oxford University Press.

Suggested Citation

  • Okmyung Bin & Craig E. Landry & Gregory F. Meyer, 2009. "Riparian Buffers and Hedonic Prices: A Quasi-Experimental Analysis of Residential Property Values in the Neuse River Basin," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 1067-1079.
    • Handle: RePEc:oup:ajagec:v:91:y:2009:i:4:p:1067-1079
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2009.01316.x
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    Cited by:

    1. Guilfoos, Todd & Walsh, Jason, 2023. "A hedonic study of New England dam removals," Ecological Economics, Elsevier, vol. 203(C).
    2. Kousky, Carolyn & Walls, Margaret, 2014. "Floodplain conservation as a flood mitigation strategy: Examining costs and benefits," Ecological Economics, Elsevier, vol. 104(C), pages 119-128.
    3. Pei-Ing Wu & Yi Chen & Je-Liang Liou, 2021. "Housing property along riverbanks in Taipei, Taiwan: a spatial quantile modelling of landscape benefits and flooding losses," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(2), pages 2404-2438, February.
    4. Nicolai V. Kuminoff & Jaren C. Pope, 2014. "Do “Capitalization Effects” For Public Goods Reveal The Public'S Willingness To Pay?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(4), pages 1227-1250, November.
    5. Hyun No Kim & Ik-Chang Choi, 2018. "The Economic Impact of Government Policy on Market Prices of Low-Fat Pork in South Korea: A Quasi-Experimental Hedonic Price Approach," Sustainability, MDPI, vol. 10(3), pages 1-16, March.
    6. Toke Emil Panduro & Cathrine Ulla Jensen & Thomas Hedemark Lundhede & Kathrine von Graevenitz & Bo Jellesmark Thorsen, 2016. "Estimating demand schedules in hedonic analysis: The case of urban parks," IFRO Working Paper 2016/06, University of Copenhagen, Department of Food and Resource Economics.
    7. Cao, Y. & Swallow, B. & Qiu, F., 2018. "Does Municipal Development Policy Affect Property Values: A Quasi-Experimental Hedonic Model Approach in Alberta, Canada," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277044, International Association of Agricultural Economists.
    8. Ferris, Jeffrey & David, Newburn, 2014. "Residential Development And The Effect Of Forest Conservation Policy," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170337, Agricultural and Applied Economics Association.
    9. Cao, Yangzhe & Swallow, Brent & Qiu, Feng, 2021. "Identifying the effects of a land-use policy on willingness to pay for open space using an endogenous switching regression model," Land Use Policy, Elsevier, vol. 102(C).
    10. B. James Deaton & Richard J. Vyn, 2015. "The Effect of Ontario's Greenbelt on the Price of Vacant Farmland," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(2), pages 185-208, June.
    11. Hidano, Noboru & Hoshino, Tadao & Sugiura, Ayako, 2015. "The effect of seismic hazard risk information on property prices: Evidence from a spatial regression discontinuity design," Regional Science and Urban Economics, Elsevier, vol. 53(C), pages 113-122.

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