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Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models?

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  • Holly J. Michael
  • Kevin J. Boyle
  • Roy Bouchard

Abstract

Hedonic property value models are often used to derive point estimates for identifying the relationship between environmental quality and property prices. The measurement of the environmental quality variable is often selected based on convenience, but variables reflecting different perceptions about environmental quality may result in implicit prices that vary substantially. This case study derives implicit prices for nine measures of water clarity using hedonic property value models of lakefront properties in Maine. Results show that water clarity variables based on different perceptions may result in differences in implicit prices large enough to potentially affect policy decisions.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 76 (2000)
Issue (Month): 2 ()
Pages: 283-298

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Handle: RePEc:uwp:landec:v:76:y:2000:i:2:p:283-298

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Web page: http://le.uwpress.org/

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Cited by:
  1. Hyytiainen, Kari & Ahtiainen, Heini & Heikkila, Jaakko & Helin, Janne & Huhtala, Anni & Iho, Antti & Koikkalainen, Kauko & Miettinen, Antti & Pouta, Eija & Vesterinen, Janne, 2009. "An integrated simulation model to evaluate national policies for the abatement of agricultural nutrients in the Baltic Sea," Discussion Papers 49896, MTT Agrifood Research Finland.
  2. Zhang, Congwen & Boyle, Kevin J., 2010. "The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values," Ecological Economics, Elsevier, vol. 70(2), pages 394-404, December.
  3. Lall, Somik V. & Lundberg, Mattias, 2008. "What are public services worth, and to whom? Non-parametric estimation of capitalization in Pune," Journal of Housing Economics, Elsevier, vol. 17(1), pages 34-64, March.
  4. Russell Kashian, 2006. "Lake Drawdown: A Debate on the Value of 2 Inches of Water," Working Papers 06-02, UW-Whitewater, Department of Economics.
  5. De Vijlder, Nicolas, 2012. "A macroeconomic analysis of the land market in the count of Flanders and the duchy of Brabant. (fifteenth and sixteenth century)," MPRA Paper 39283, University Library of Munich, Germany.
  6. Xia Feng & Brad R. Humphreys, 2008. "Assessing the Economic Impact of Sports Facilities on Residential Property Values: A Spatial Hedonic Approach," Working Papers 0812, International Association of Sports Economists & North American Association of Sports Economists.
  7. 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.
  8. Snyder, Stephanie A. & Kilgore, Michael A. & Hudson, Rachel & Donnay, Jacob, 2008. "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach," Journal of Forest Economics, Elsevier, vol. 14(1), pages 47-72, January.
  9. Leguizamon, Susane & Christafore, David, 2014. "Racial Differences in Willingness to Pay for Hospital Access," MPRA Paper 55926, University Library of Munich, Germany.
  10. James Williamson & Hale Thurston & Matthew Heberling, 2008. "Valuing acid mine drainage remediation in West Virginia: a hedonic modeling approach," The Annals of Regional Science, Springer, vol. 42(4), pages 987-999, December.

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