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The Value Of Beach Nourishment To Property Owners: Storm Damage Reduction Benefits

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  • Jeffrey J. Pompe

    (School of Business, Francis Marion University)

  • James R. Rinehart

    (School of Business, Francis Marion University Journal: The Review of Regional Studies)

Abstract

This study offers a method for estimating the storm damage reduction benefits accruing to property owners from beach nourishment. We use a hedonic pricing model to estimate the increased protection value that wider beaches provide for single-fa mily homes in two South Carolina oceanfront communities. These storm damage reduction benefits accrue not only to oceanfront property that suffers the most damage, but also to properties farther back. We find that a proposed Army Corps of Engineers' nourishment project will produce approximately $63.8 million of cumulative benefits to owners of single-family homes, which translates into a benefit/cost ratio of 1.96.

Suggested Citation

  • Jeffrey J. Pompe & James R. Rinehart, 1995. "The Value Of Beach Nourishment To Property Owners: Storm Damage Reduction Benefits," The Review of Regional Studies, Southern Regional Science Association, vol. 25(3), pages 271-286, Winter.
    • Handle: RePEc:rre:publsh:v:25:y:1995:i:3:p:271-286
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    References listed on IDEAS

    as
    1. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    3. Edwards, Steven F., 1989. "On Estimating Household Demand For Outdoor Recreation From Property Values: An Exploration," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 18(2), pages 1-9, October.
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    Cited by:

    1. Rakesh Paliwal & Gejo Geevarghese & P. Ram Babu & P. Khanna, 1999. "Valuation of Landmass Degradation Using Fuzzy Hedonic Method: A Case Study of National Capital Region," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(4), pages 519-543, December.
    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. Gopalakrishnan, Sathya & McNamara, Dylan & Smith, Martin D. & Murray, A. Brad, 2012. "The Effect Of Stochastic Storms On Optimal Beach Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 271515, Agricultural and Applied Economics Association.
    4. Rose, Steven K., 1999. "Non-Market Valuation Techniques: The State of the Art," Working Papers 127688, Cornell University, Department of Applied Economics and Management.

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