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Valuing Risk-Reducing Interventions With Hedonic Models: The Case Of Erosion Protection


  • Dorfman, Jeffrey H.
  • Keeler, Andrew G.
  • Kriesel, Warren


This article extends the literature on economic valuation of public interventions that reduce environmental risk. We consider the case where risk-reducing interventions have different characteristics than the risk proxies used in hedonic regressions. We then demonstrate the importance of these considerations by reexamining an existing analysis of shoreline protection where we estimate risk using a latent variables model. The results show substantially different and arguably more plausible results.

Suggested Citation

  • Dorfman, Jeffrey H. & Keeler, Andrew G. & Kriesel, Warren, 1996. "Valuing Risk-Reducing Interventions With Hedonic Models: The Case Of Erosion Protection," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
  • Handle: RePEc:ags:jlaare:31001

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    References listed on IDEAS

    1. Don N. MacDonald & James C. Murdoch & Harry L. White, 1987. "Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets," Land Economics, University of Wisconsin Press, vol. 63(4), pages 361-371.
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    Cited by:

    1. Leggett, Christopher G. & Bockstael, Nancy E., 1998. "Evidence Of The Effects Of Water Quality On Residential Land Prices," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20919, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Smith, Martin D. & Slott, Jordan M. & McNamara, Dylan & Brad Murray, A., 2009. "Beach nourishment as a dynamic capital accumulation problem," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 58-71, July.
    3. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.


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