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The Effects of Aquatic Invasive Species on Property Values: Evidence from a Quasi-Experiment

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  • Eric J. Horsch
  • David J. Lewis
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    Abstract

    This study uses hedonic analysis to estimate the effects of a common aquatic invasive species—Eurasian watermilfoil (milfoil)—on property values across an extensive system of over 170 lakes in the northern forest region of Wisconsin. Since milfoil is inadvertently spread by recreational boaters, and since boaters are more likely to visit attractive lakes, variables indicating the presence of milfoil are endogenous in a hedonic model. Using an identification strategy based on a spatial difference-in-differences specification, results indicate that lakes invaded with milfoil experienced an average 13% decrease in land values after invasion.

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    File URL: http://le.uwpress.org/cgi/reprint/85/3/391
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    Bibliographic Info

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

    Volume (Year): 85 (2009)
    Issue (Month): 3 ()
    Pages: 391-409

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    Handle: RePEc:uwp:landec:v:85:y:2009:i:3:p:391-409

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

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    Cited by:
    1. Latruffe , Laure & Ay, Jean-Sauveur, 2013. "The Empirical Content of the Present Value Model: A survey of the instrumental uses of farmland prices," Factor Markets Working Papers 165, Centre for European Policy Studies.
    2. Dalmazzone Silvana & Giaccaria Sergio, 2012. "Economic drivers of biological invasions: A worldwide, bio-geographical analysis," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201215, University of Turin.
    3. Kent Kovacs & Thomas Holmes & Jeffrey Englin & Janice Alexander, 2011. "The Dynamic Response of Housing Values to a Forest Invasive Disease: Evidence from a Sudden Oak Death Infestation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 49(3), pages 445-471, July.
    4. Adams, Damian C. & Bwenge, Anafrida N. & Lee, Donna J. & Larkin, Sherry L. & Alavalapati, Janaki R.R., 2011. "Public preferences for controlling upland invasive plants in state parks: Application of a choice model," Forest Policy and Economics, Elsevier, vol. 13(6), pages 465-472, July.
    5. Kaiser, Brooks A. & Burnett, Kimberly M., 2010. "Spatial economic analysis of early detection and rapid response strategies for an invasive species," Resource and Energy Economics, Elsevier, vol. 32(4), pages 566-585, November.
    6. Goodenberger, James & Klaiber, H. Allen, 2013. "Evading Invasives: How Eurasian Water-Milfoil Effects the Development of Lakefront Properties," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150309, Agricultural and Applied Economics Association.
    7. Dennis Guignet, 2013. "What Do Property Values Really Tell Us? A Hedonic Study of Underground Storage Tanks," Land Economics, University of Wisconsin Press, vol. 89(2), pages 211-226.
    8. Provencher, Bill & Lewis, David J. & Anderson, Kathryn, 2012. "Disentangling preferences and expectations in stated preference analysis with respondent uncertainty: The case of invasive species prevention," Journal of Environmental Economics and Management, Elsevier, vol. 64(2), pages 169-182.
    9. 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.

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