The Implications of Heterogeneous Preferences for Environmental Zoning
AbstractThis paper examines the effects of environmental zoning policies on lakefront land development, sorting, and economic welfare in a model where agents are heterogeneous in preferences and income. Agents consume lakefront amenities that are endogenous to development and the sorting process yields lakes which differ by amenities and frontage prices. Our findings include the following: i) lakes become more homogeneous with a collapsing price premium as incomes grow, ii) zoning can preserve the sorting process and be welfare improving, and iii) land prices may not capture all welfare effects from zoning.
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Bibliographic InfoPaper provided by University of Wisconsin, Agricultural and Applied Economics in its series Staff Paper Series with number 500.
Date of creation: Jul 2006
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