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The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values

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  • Zhang, Congwen
  • Boyle, Kevin J.

Abstract

Invasive species are one of the major threats to ecosystems. One of these "invaders", Eurasian watermilfoil, can crowd out important native aquatic plants, decrease habitat and diversity of native species in a lake, and interfere with water-based recreation. This study uses a hedonic property-value method to estimate the effect of Eurasian watermilfoil on lakefront property values at selected Vermont lakes. Results indicate that as the primary component of total aquatic macrophyte growth in a lake Eurasian watermilfoil significantly and substantially affects lakefront property values. As Eurasian watermilfoil infests a lake, adding to the total macrophyte growth, property values can diminish by

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  • Zhang, Congwen & Boyle, Kevin J., 2010. "The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values," Ecological Economics, Elsevier, vol. 70(2), pages 394-404, December.
    • Handle: RePEc:eee:ecolec:v:70:y:2010:i:2:p:394-404
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    Cited by:

    1. Dennis Guignet & Matthew T. Heberling & Michael Papenfus & Olivia Griot, 2022. "Property Values, Water Quality, and Benefit Transfer: A Nationwide Meta-analysis," Land Economics, University of Wisconsin Press, vol. 98(2), pages 191-218.
    2. Amy W. Ando, 2022. "Equity and Cost-Effectiveness in Valuation and Action Planning to Preserve Biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 83(4), pages 999-1015, December.
    3. Felix Haifeng Liao & Frank M. Wilhelm & Mark Solomon, 2016. "The Effects of Ambient Water Quality and Eurasian Watermilfoil on Lakefront Property Values in the Coeur d’Alene Area of Northern Idaho, USA," Sustainability, MDPI, vol. 8(1), pages 1-12, January.
    4. Mahesh, Ramachandran, 2015. "Validating Spatial Hedonic Modeling with a Behavioral Approach: Measuring the Impact of Water Quality Degradation on Coastal Housing Markets," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205664, Agricultural and Applied Economics Association.
    5. Goodenberger, James & Klaiber, H. Allen, 2013. "Evading Invasives: How Eurasian Water-Milfoil Effects the Development of Lakefront Properties," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150309, Agricultural and Applied Economics Association.
    6. Kuwayama, Yusuke & Olmstead, Sheila & Zheng, Jiameng, 2022. "A more comprehensive estimate of the value of water quality," Journal of Public Economics, Elsevier, vol. 207(C).
    7. Moore, Michael R. & Doubek, Jonathan P. & Xu, Hui & Cardinale, Bradley J., 2020. "Hedonic Price Estimates of Lake Water Quality: Valued Attribute, Instrumental Variables, and Ecological-Economic Benefits," Ecological Economics, Elsevier, vol. 176(C).
    8. Tuttle, Carrie M. & Heintzelman, Martin D., 2015. "A loon on every lake: A hedonic analysis of lake water quality in the Adirondacks," Resource and Energy Economics, Elsevier, vol. 39(C), pages 1-15.
    9. Julian D Olden & Mariana Tamayo, 2014. "Incentivizing the Public to Support Invasive Species Management: Eurasian Milfoil Reduces Lakefront Property Values," PLOS ONE, Public Library of Science, vol. 9(10), pages 1-6, October.
    10. Beville, Stephen T. & Kerr, Geoffrey N. & Hughey, Kenneth F.D., 2012. "Valuing impacts of the invasive alga Didymosphenia geminata on recreational angling," Ecological Economics, Elsevier, vol. 82(C), pages 1-10.
    11. Manuel A. Zambrano-Monserrate & Maria Alejandra Ruano & Carlos A. Silva & Ronald Campoverde & Christian Rosero & Daniel A. Sanchez-Loor, 2023. "Dynamism of the housing rental market in Guayaquil, Ecuador: an empirical analysis," Empirical Economics, Springer, vol. 64(2), pages 747-764, February.
    12. Zhang, Jiarui & Phaneuf, Daniel J. & Schaeffer, Blake A., 2022. "Property values and cyanobacterial algal blooms: Evidence from satellite monitoring of Inland Lakes," Ecological Economics, Elsevier, vol. 199(C).
    13. Matthew T. Heberling & Dennis Guignet & Michael Papenfus, 2022. "Water Quality and Hedonic Models: A MetaAnalysis of Commodity, Market, and Methodological Characteristics," Working Papers 22-06, Department of Economics, Appalachian State University.
    14. Dennis Guignet & Charles Griffiths & Heather Klemick & Patrick J. Walsh, 2017. "The Implicit Price of Aquatic Grasses," Marine Resource Economics, University of Chicago Press, vol. 32(1), pages 21-41.
    15. Goodenberger, James S. & Klaiber, H. Allen, 2016. "Evading invasives: How Eurasian watermilfoil affects the development of lake properties," Ecological Economics, Elsevier, vol. 127(C), pages 173-184.

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