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Environmental Hazard and Residential Value, Location and Dispersion

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Abstract

This paper provides microeconomic foundations to the relationship between the values of residential properties and the environmental quality of their location. It constructs an environmental–quality-adjusted lifetime-utility function by combining satisfaction from consumption over the lifespan with risk to life from living in an environmentally hazardous location. It employs this utility function to analyse willingness to pay for environmental quality, choice of location and residential dispersion and its relationship with income distribution.

Suggested Citation

  • Levy, Amnon, 2003. "Environmental Hazard and Residential Value, Location and Dispersion," Economics Working Papers wp03-16, School of Economics, University of Wollongong, NSW, Australia.
    • Handle: RePEc:uow:depec1:wp03-16
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    File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012158.pdf
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    References listed on IDEAS

    as
    1. Levy, Amnon, 2002. "A lifetime portfolio of risky and risk-free sexual behaviour and the prevalence of AIDS," Journal of Health Economics, Elsevier, vol. 21(6), pages 993-1007, November.
    2. Kiel Katherine A. & McClain Katherine T., 1995. "House Prices during Siting Decision Stages: The Case of an Incinerator from Rumor through Operation," Journal of Environmental Economics and Management, Elsevier, vol. 28(2), pages 241-255, March.
    3. Harrison, David Jr. & Rubinfeld, Daniel L., 1978. "Hedonic housing prices and the demand for clean air," Journal of Environmental Economics and Management, Elsevier, vol. 5(1), pages 81-102, March.
    4. Levy, Amnon, 2002. "Rational eating: can it lead to overweightness or underweightness?," Journal of Health Economics, Elsevier, vol. 21(5), pages 887-899, September.
    5. Freeman, A Myrick, III, 1979. " Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Scandinavian Journal of Economics, Wiley Blackwell, vol. 81(2), pages 154-173.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    microeconomic foundations; residential properties; environmental quality; utility function; location; residential dispersion;
    All these keywords.

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