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Community Valuations of Environmental Qality in Coastal Lakes: Lake Illawarra Case Study

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Author Info
Hodgkinson, Ann () (University of Wollongong)
Valadkhani, Abbas () (University of Wollongong)
Abstract

This study illustrates how the hedonic pricing method can measure the value of environmental assets in an urban setting. A HPM valuation, utilising relatively easily accessible secondary data, and a semi-logarithmic regression form, is used. The value achieved was substantially greater than either expenditures to date or the actuarial valuation of Lake Illawarra. The study demonstrates the applicability of the technique and recommends its further development and use for this type of public decision-making. A range of other data was also generated that adds to the usefulness of this approach for general planning purposes.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow061058.pdf
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Publisher Info
Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp09-03.

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Length: 30 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:uow:depec1:wp09-03

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Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3663
Fax: +612 4221-3725
Web page: http://www.uow.edu.au/commerce/econ/
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Related research
Keywords: Hedonic pricing model; Environmental quality; evaluation; New South Wales (NSW); Australia;

Find related papers by JEL classification:
C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bin, Okmyung & Polasky, Stephen, 2005. "Evidence on the Amenity Value of Wetlands in a Rural Setting," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(03), December. [Downloadable!]
  2. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March. [Downloadable!] (restricted)
  3. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March. [Downloadable!] (restricted)
  4. Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-37, March-May. [Downloadable!] (restricted)
  5. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July. [Downloadable!]
  6. 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. [Downloadable!] (restricted)
  7. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480. [Downloadable!] (restricted)
  8. Guy Garrod & Ken Willis, 1994. "An economic estimate of the effect of a waterside location on property values," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(2), pages 209-217, April. [Downloadable!] (restricted)
  9. Palmquist, Raymond B., 1982. "Measuring environmental effects on property values without hedonic regressions," Journal of Urban Economics, Elsevier, vol. 11(3), pages 333-347, May. [Downloadable!] (restricted)
  10. Mooney, Sian & Eisgruber, Ludwig M, 2001. "The Influence of Riparian Protection Measures on Residential Property Values: The Case of the Oregon Plan for Salmon and Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 273-86, March-May. [Downloadable!] (restricted)
  11. 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. [Downloadable!] (restricted)
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