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Meta-Functional Transfer of Hedonic Property Values: Application to Great Lakes Areas of Concern

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  • Braden, John B.
  • Feng, Xia
  • Freitas, Luiz
  • Won, DooHwan

Abstract

This paper explores the use of functional benefits transfer to forecast the effects of waste sites on property values. The results of a meta-analysis of hedonic studies of waste sites are coupled with spatial analysis techniques to produce estimates of the effects of toxic contamination in Areas of Concern (AOCs) in the U.S. Great Lakes. Based on U.S. Census data for median home values, the methods used here suggest that approximately $5.2 billion (2005 dollars) have been lost in residential property values surrounding twenty-three of the AOCs. This compares to estimates that place the cost of remediation of all U.S. AOCs at up to $4.5 billion (2005 dollars). The case study also identifies issues surrounding the use of a meta-analysis with hedonic property value studies to support functional transfer.

Suggested Citation

  • Braden, John B. & Feng, Xia & Freitas, Luiz & Won, DooHwan, 2010. "Meta-Functional Transfer of Hedonic Property Values: Application to Great Lakes Areas of Concern," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 39(1), pages 1-13, February.
    • Handle: RePEc:ags:arerjl:59339
    DOI: 10.22004/ag.econ.59339
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    Cited by:

    1. Christy Siegel & Steven B. Caudill & Franklin G. Mixon, 2013. "Clear skies, dark waters: The Gulf oil spill and the price of coastal condominiums in Alabama," Economics and Business Letters, Oviedo University Press, vol. 2(2), pages 42-53.
    2. Chang Liu & Yi Qi & Zhenbo Wang & Junlan Yu & Shan Li & Hong Yao & Tianhua Ni, 2020. "Deep learning: To better understand how human activities affect the value of ecosystem services—A case study of Nanjing," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-16, October.
    3. Melstrom, Richard T., 2022. "Residential demand for sediment remediation to restore water quality: Evidence from Milwaukee," Journal of Environmental Economics and Management, Elsevier, vol. 116(C).
    4. Marvin Schütt, 2021. "Systematic Variation in Waste Site Effects on Residential Property Values: A Meta-Regression Analysis and Benefit Transfer," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(3), pages 381-416, March.

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    Keywords

    Environmental Economics and Policy;

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