Valuing Environmental Quality: A Space-Based Strategy
AbstractThis paper develops and applies a space-based strategy for overcoming the general problem of getting at the demand for non-market goods. It focuses specifically on evaluating one form of environmental quality, distance from EPA designated environmental hazards, via the single-family housing market in the Puget Sound region of Washington State. A spatial two stage hedonic price analysis is used to: (1) estimate the marginal implicit price of distance from air release sites, hazardous waste generators, hazardous waste handlers, superfund sites, and toxic release sites; and (2) estimate a series of demand functions describing the relationship between the price of distance and the quantity consumed. The analysis, which represents a major step forward in the valuation of environmental quality, reveals that the information needed to identify second-stage demand functions is hidden right in plain site — hanging in the aether of the regional housing market.
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Bibliographic InfoPaper provided by Marquette University, Center for Global and Economic Studies and Department of Economics in its series Working Papers and Research with number 0702.
Length: 37 pages
Date of creation: Feb 2007
Date of revision:
Environmental Quality; Hedonic Price Analysis;
Other versions of this item:
- John I. Carruthers & David E. Clark, 2010. "Valuing Environmental Quality: A Space-Based Strategy," Journal of Regional Science, Wiley Blackwell, vol. 50(4), pages 801-832.
- Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
This paper has been announced in the following NEP Reports:
- NEP-AGR-2008-03-01 (Agricultural Economics)
- NEP-ALL-2008-03-01 (All new papers)
- NEP-ENV-2008-03-01 (Environmental Economics)
- NEP-GEO-2008-03-01 (Economic Geography)
- NEP-URE-2008-03-01 (Urban & Real Estate Economics)
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- Thomas K. Bauer & Sebastian Braun & Michael Kvasnicka, 2013.
"Distant Event, Local Effects? Fukushima and the German Housing Market,"
Kiel Working Papers
1857, Kiel Institute for the World Economy.
- Thomas K. Bauer & Sebastian Braun & Michael Kvasnicka, 2013. "Distant Event, Local Effects? Fukushima and the German Housing Market," Ruhr Economic Papers 0433, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Stephens, Heather & Partridge, Mark, 2012. "Lake Amenities, Environmental Degradation, and Great Lakes Regional Growth," MPRA Paper 43903, University Library of Munich, Germany.
- Partridge, Mark D. & Rickman, Dan S., 2012. "Integrating regional economic development analysis and land use economics," MPRA Paper 38291, University Library of Munich, Germany.
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