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Environmental Amenities as a Source of Market Power

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Author Info

  • Laura O. Taylor
  • V. Kerry Smith

Abstract

Site-specific environmental amenities can provide a source of product-differentiating market power. Using estimates from hedonic-price equations and residual-demand models, our analysis recovers firm-specific estimates of price markups as measures of market power, and uses these markups to estimate the implied marginal value for access to coastal beaches. The application involves rental price and occupancy data for several thousand beach properties along a portion of the North Carolina coastline during the 1987 to 1992 rental seasons.

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File URL: http://www.jstor.org/stable/pdfplus/3146952
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Bibliographic Info

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

Volume (Year): 76 (2000)
Issue (Month): 4 ()
Pages: 550-568

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Handle: RePEc:uwp:landec:v:76:y:2000:i:4:p:550-568

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

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Cited by:
  1. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.
  2. Zanatta, Valentina & D'Alpaos, Chiara, 2003. "Private Uses Versus Public Interests In The Management Of Venetian Villas: A Multicriteria Approach," Working Papers 14415, University of Minnesota, Center for International Food and Agricultural Policy.
  3. Stephen Conroy & Jennifer Milosch, 2011. "An Estimation of the Coastal Premium for Residential Housing Prices in San Diego County," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 211-228, February.
  4. Mollard, A. & Rambonilaza, M. & Vollet, D., 2004. "Market structure and environmental amenities in hedonic pricing of rural cottages," Working Papers 200427, Grenoble Applied Economics Laboratory (GAEL).

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