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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.

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Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 21 (1996)
Issue (Month): 01 (July)

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Handle: RePEc:ags:jlaare:31001
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  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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