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Valuing Environmental Quality: A Space-Based Strategy

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  • David E. Clark

    ()
    (Department of Economics, Marquette University
    U.S. Department of Hoursing and Urban Development)

Abstract

This 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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File URL: http://www.busadm.mu.edu/mrq/workingpapers/wpaper0702.pdf
File Function: First Version, 2007-02
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Bibliographic Info

Paper provided by Marquette University, Center for Global and Economic Studies and Department of Economics in its series Working Papers and Research with number 0702.

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Length: 37 pages
Date of creation: Feb 2007
Date of revision:
Handle: RePEc:mrq:wpaper:0702

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Web page: http://www.busamd.mu.edu/Economics/
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Related research

Keywords: Environmental Quality; Hedonic Price Analysis;

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Cited by:
  1. Millimet, Daniel L., 2013. "Environmental Federalism: A Survey of the Empirical Literature," IZA Discussion Papers 7831, Institute for the Study of Labor (IZA).
  2. Stephens, Heather & Partridge, Mark, 2012. "Lake Amenities, Environmental Degradation, and Great Lakes Regional Growth," MPRA Paper 43903, University Library of Munich, Germany.
  3. Partridge, Mark D. & Rickman, Dan S., 2012. "Integrating regional economic development analysis and land use economics," MPRA Paper 38291, University Library of Munich, Germany.
  4. 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.

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