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Benefits Of Hazardous Waste Cleanup: New Evidence From Survey- And Market-Based Property Value Approaches




This article compares the discrete choice random utility model and the hedonic property value model in estimating the benefits of cleaning up Waukegan Harbor, a Superfund site on the Great Lakes. The study uses survey-based conjoint choice data on housing preferences and market data on housing transactions. The research finds that the benefit estimates for different levels of cleanup are quite comparable between the models. The estimates compare very well with those of some previous studies. The results of the study suggest that tax increment financing by the local government is a feasible option to fund cleanup. Copyright 2005 Western Economic Association International.

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  • Sudip Chattopadhyay & John B. Braden & Arianto Patunru, 2005. "Benefits Of Hazardous Waste Cleanup: New Evidence From Survey- And Market-Based Property Value Approaches," Contemporary Economic Policy, Western Economic Association International, vol. 23(3), pages 357-375, July.
  • Handle: RePEc:bla:coecpo:v:23:y:2005:i:3:p:357-375

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    References listed on IDEAS

    1. Makoto Ohta & Zvi Griliches, 1976. "Automobile Prices Revisited: Extensions of the Hedonic Hypothesis," NBER Chapters,in: Household Production and Consumption, pages 325-398 National Bureau of Economic Research, Inc.
    2. Dreyfus, Mark K & Viscusi, W Kip, 1995. "Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency," Journal of Law and Economics, University of Chicago Press, vol. 38(1), pages 79-105, April.
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    4. Atkinson, Scott E & Halvorsen, Robert, 1984. "A New Hedonic Technique for Estimating Attribute Demand: An Application to the Demand for Automobile Fuel Efficiency," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 417-426, August.
    5. Arguea, Nestor M. & Hsiao, Cheng, 1993. "Econometric issues of estimating hedonic price functions : With an application to the U.S. market for automobiles," Journal of Econometrics, Elsevier, vol. 56(1-2), pages 243-267, March.
    6. Mertens, Yves & Ginsburgh, Victor, 1985. "Product Differentiation and Price Discrimination in the European Community: The Case of Automobiles," Journal of Industrial Economics, Wiley Blackwell, vol. 34(2), pages 151-166, December.
    7. Cowling, Keith & Cubbin, John, 1971. "Price, Quality and Advertising Competition: An Econometric Investigation of the United Kingdom Car Market," Economica, London School of Economics and Political Science, vol. 38(152), pages 378-394, November.
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    Cited by:

    1. Hilary Sigman & Sarah Stafford, 2011. "Management of Hazardous Waste and Contaminated Land," Annual Review of Resource Economics, Annual Reviews, vol. 3(1), pages 255-275, October.
    2. Robin R. Jenkins & Elizabeth Kopits & David Simpson, 2006. "Measuring the Social Benefits of EPA Land Cleanup and Reuse Programs," NCEE Working Paper Series 200603, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2006.
    3. Douglas S. Noonan & Douglas J. Krupka & Brett M. Baden, 2007. "Neighborhood Dynamics And Price Effects Of Superfund Site Clean-Up," Journal of Regional Science, Wiley Blackwell, vol. 47(4), pages 665-692.
    4. Chattopadhyay, Sudip, 2009. "The random expenditure function approach to welfare in RUM: The case of hazardous waste clean-up," Resource and Energy Economics, Elsevier, vol. 31(1), pages 58-74, January.
    5. Silvia Banfi & Massimo Filippini & Andrea Horehájová, 2012. "Using a choice experiment to estimate the benefits of a reduction of externalities in urban areas with special focus on electrosmog," Applied Economics, Taylor & Francis Journals, vol. 44(3), pages 387-397, January.
    6. Wiktor L. Adamowicz & Klaus Glenk & Jürgen Meyerhoff, 2014. "Choice modelling research in environmental and resource economics," Chapters,in: Handbook of Choice Modelling, chapter 27, pages 661-674 Edward Elgar Publishing.
    7. John Braden & Xia Feng & DooHwan Won, 2011. "Waste Sites and Property Values: A Meta-Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 50(2), pages 175-201, October.
    8. Anna Alberini & Dennis Guignet, 2010. "Preliminary Stated-Preference Research on the Impact of LUST Sites on Property Values: Focus Group Results," NCEE Working Paper Series 201009, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Aug 2010.
    9. Xiaolin Ren & Arianto A. Patunru & John B. Braden, 2008. "Language-Related Differences In Environmental Benefits Estimation: Evidence From A Mail Survey," Contemporary Economic Policy, Western Economic Association International, vol. 26(1), pages 13-31, January.
    10. Bill Provencher & Helen Sarakinos & Tanya Meyer, 2008. "Does Small Dam Removal Affect Local Property Values? An Empirical Analysis," Contemporary Economic Policy, Western Economic Association International, vol. 26(2), pages 187-197, April.
    11. Anna Alberini & Stefania Tonin & Margherita Turvani, 2009. "The Value of Reducing Cancer Risks at Contaminated Sites: Are More Heavily Exposed People Willing to Pay More?," Working Papers 2009.60, Fondazione Eni Enrico Mattei.
    12. Daniel J. Phaneuf & Laura O. Taylor & John B. Braden, 2013. "Combining Revealed and Stated Preference Data to Estimate Preferences for Residential Amenities: A GMM Approach," Land Economics, University of Wisconsin Press, vol. 89(1), pages 30-52.
    13. Jette Jacobsen & John Boiesen & Bo Thorsen & Niels Strange, 2008. "What’s in a name? The use of quantitative measures versus ‘Iconised’ species when valuing biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 39(3), pages 247-263, March.
    14. Guignet, Dennis, 2012. "The impacts of pollution and exposure pathways on home values: A stated preference analysis," Ecological Economics, Elsevier, vol. 82(C), pages 53-63.
    15. Dennis Guignet, 2013. "What Do Property Values Really Tell Us? A Hedonic Study of Underground Storage Tanks," Land Economics, University of Wisconsin Press, vol. 89(2), pages 211-226.
    16. Franco, Sofia & Cutter, Bowman & DeWoody, Autumn, 2010. "Do Parking Requirements Significantly Increase The Area Dedicated To Parking? A Test Of The Effect Of Parking Requirements Values In Los Angeles County," MPRA Paper 20403, University Library of Munich, Germany.
    17. Takeshima, Hiroyuki & Nagarajan, Latha & Salau, Sheu & Oyekale, Abayomi, 2010. "Nigerian farmers’ preferences on the timing of the purchase of rice, cowpea, and maize seeds:," NSSP working papers 20, International Food Policy Research Institute (IFPRI).
    18. Kiel, Katherine A. & Williams, Michael, 2007. "The impact of Superfund sites on local property values: Are all sites the same?," Journal of Urban Economics, Elsevier, vol. 61(1), pages 170-192, January.

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