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Evidence Of The Effects Of Water Quality On Residential Land Prices

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  • Leggett, Christopher G.
  • Bockstael, Nancy E.
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    Abstract

    We use hedonic techniques to show that water quality has a significant effect on property values along the Chesapeake Bay. Mindful of the limitations of using hedonic methods for welfare analysis, we calculate the potential benefits from an illustrative (but limited) water quality improvement. Past hedonic studies have almost entirely ignored the potential for omitted variables bias -- the possibility that pollution sources, in addition to emitting undesirable substances, are likely to be unpleasant neighbors. We discuss the implications of this oversight, and we provide an application that addresses the problem head-on.

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    File URL: http://purl.umn.edu/20919
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 1998 Annual meeting, August 2-5, Salt Lake City, UT with number 20919.

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    Date of creation: 1998
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    Handle: RePEc:ags:aaea98:20919

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    Related research

    Keywords: water quality; hedonic models; residential land prices; Environmental Economics and Policy;

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    1. Timothy J. Bartik, 1988. "Measuring the Benefits of Amenity Improvements in Hedonic Price Models," Land Economics, University of Wisconsin Press, vol. 64(2), pages 172-183.
    2. Douglas B. Diamond, Jr., 1980. "The Relationship between Amenities and Urban Land Prices," Land Economics, University of Wisconsin Press, vol. 56(1), pages 21-32.
    3. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
    4. Clark David E. & Nieves Leslie A., 1994. "An Interregional Hedonic Analysis of Noxious Facility Impacts on Local Wages and Property Values," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 235-253, November.
    5. Dorfman, Jeffrey H. & Keeler, Andrew G. & Kriesel, Warren, 1996. "Valuing Risk-Reducing Interventions With Hedonic Models: The Case Of Erosion Protection," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
    6. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
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    Cited by:
    1. Fishman, Kara J. & Leonard, Robert L. & Shah, Farhed A., 1999. "Valuing Water Quality Changes At Connecticut Lakes With Contingent Price Data," 1999 Annual meeting, August 8-11, Nashville, TN 21568, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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