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The Effects of Contamination and Cleanup on Commercial and Industrial Properties: A Hedonic Pricing Model of Maryland and Baltimore City

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Author Info
Anna Alberini ()
Alberto Longo

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Abstract

This paper applies the travel cost method to visits to cultural sites in Armenia by domestic visitors. Respondents intercepted at four cultural monuments provided information on their visitation patterns, experience at the site, perception of the state of conservation of the monuments, and rating of the quality of the services and infrastructures. We combine actual trips with stated trips under hypothetical programs that would enhance the conservation of the monuments and improve one of (i) the cultural experience at the site, (ii) the quality of the infrastructure, or (iii) the quality of the services, and use the combined actual and stated trips to fit a panel data model. Our investigation shows that that there are significant use values associated with the four study monuments, and that conservation programs and initiatives that improve the cultural experience, or simply make it easier for the respondent to reach and spend time at the monument, are valued by domestic visitors and would encourage higher visitation rates.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa06p413.

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Date of creation: Aug 2006
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Handle: RePEc:wiw:wiwrsa:ersa06p413

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  1. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September. [Downloadable!] (restricted)
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  3. Kohlhase, Janet E., 1991. "The impact of toxic waste sites on housing values," Journal of Urban Economics, Elsevier, vol. 30(1), pages 1-26, July. [Downloadable!] (restricted)
  4. Thomas O. Jackson, 2002. "Environmental Contamination and Industrial Real Estate Prices," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 179-200. [Downloadable!]
  5. Lovell, Sabrina J. & Lynch, Lori, 2002. "Hedonic Price Analysis Of Easement Payments In Agricultural Land Preservation Programs," Working Papers 28564, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
  6. Boyd, James & Harrington, Winston & Macauley, Molly K, 1996. "The Effects of Environmental Liability on Industrial Real Estate Development," The Journal of Real Estate Finance and Economics, Springer, vol. 12(1), pages 37-58, January.
  7. Miriam Schoenbaum, 2002. "Environmental Contamination, Brownfields Policy, and Economic Redevelopment in an Industrial Area of Baltimore, Maryland," Land Economics, University of Wisconsin Press, vol. 78(1), pages 60-71. [Downloadable!] (restricted)
  8. Larry Dale & James C. Murdoch & Mark A. Thayer & Paul A. Waddell, 1999. "Do Property Values Rebound from Environmental Stigmas? Evidence from Dallas," Land Economics, University of Wisconsin Press, vol. 75(2), pages 311-326. [Downloadable!] (restricted)
  9. Alberini, Anna & Longo, Alberto & Tonin, Stefania & Trombetta, Francesco & Turvani, Margherita, 2005. "The role of liability, regulation and economic incentives in brownfield remediation and redevelopment: evidence from surveys of developers," Regional Science and Urban Economics, Elsevier, vol. 35(4), pages 327-351, July. [Downloadable!] (restricted)
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  10. Gerald E. Smolen & Gary Moore & Lawrence V. Conway, 1992. "Economic Effects of Hazardous Chemical and Proposed Radioactive Waste Landfills on Surrounding Real Estate Values," Journal of Real Estate Research, American Real Estate Society, vol. 7(3), pages 283-296. [Downloadable!]
  11. Khanna, Madhu & Quimio, Wilma Rose H. & Bojilova, Dora, 1998. "Toxics Release Information: A Policy Tool for Environmental Protection," Journal of Environmental Economics and Management, Elsevier, vol. 36(3), pages 243-266, November. [Downloadable!] (restricted)
  12. Katherine A. Kiel, 1995. "Measuring the Impact of the Discovery and Cleaning of Identified Hazardous Waste Sites on House Values," Land Economics, University of Wisconsin Press, vol. 71(4), pages 428-435. [Downloadable!] (restricted)
  13. 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)
  14. Ihlanfeldt, Keith R. & Taylor, Laura O., 2004. "Externality effects of small-scale hazardous waste sites: evidence from urban commercial property markets," Journal of Environmental Economics and Management, Elsevier, vol. 47(1), pages 117-139, January. [Downloadable!] (restricted)
  15. Straszheim, Mahlon R, 1974. "Hedonic Estimation of Housing Market Prices: A Further Comment," The Review of Economics and Statistics, MIT Press, vol. 56(3), pages 404-06, August. [Downloadable!] (restricted)
  16. McGrath, Daniel T., 2000. "Urban Industrial Land Redevelopment and Contamination Risk," Journal of Urban Economics, Elsevier, vol. 47(3), pages 414-442, May. [Downloadable!] (restricted)
  17. Gatzlaff, Dean H. & Haurin, Donald R., 1998. "Sample Selection and Biases in Local House Value Indices," Journal of Urban Economics, Elsevier, vol. 43(2), pages 199-222, March. [Downloadable!] (restricted)
  18. Christopher S. Decker & Donald A. Nielsen & Roger P. Sindt, 2005. "Residential Property Values and Community Right-to-Know Laws: Has the Toxics Release Inventory Had an Impact?," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 36(1), pages 113-133. [Downloadable!] (restricted)
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