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Lake Rehabilitation and the Value of Shoreline Real Estate: Evidence from Delavan, Wisconsin

  • Kashian, Russ

    (U WI, Whitewater)

  • Eiswerth, Mark E.

    (U WI, Whitewater)

  • Skidmore, Mark

    (U WI, Whitewater)

In this article we use the hedonic price model to estimate the effect of a change in water quality on the value of real estate in the lake community of Delavan, Wisconsin. Hedonic techniques show that a $7 million rehabilitation program significantly increased Delavan Lake shoreline property values. Existing research demonstrates that the use of objective water quality measures (as opposed to subjective measures) is important for estimating the implicit value of water quality in hedonic analyses. This article provides new evidence on the economic benefits of clean water by measuring the change in property values attributed to an observable rehabilitation event.

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File URL: http://journal.srsa.org/ojs/index.php/RRS/article/view/123/73
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Article provided by Southern Regional Science Association in its journal Review of Regional Studies.

Volume (Year): 36 (2006)
Issue (Month): 2 ()
Pages: 221-38

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Handle: RePEc:rre:publsh:v:36:y:2006:i:2:p:221-38
Contact details of provider: Web page: http://www.srsa.org

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  1. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
  2. Mendelsohn, Robert & Hellerstein, Daniel & Huguenin, Michael & Unsworth, Robert & Brazee, Richard, 1992. "Measuring hazardous waste damages with panel models," Journal of Environmental Economics and Management, Elsevier, vol. 22(3), pages 259-271, May.
  3. Mark A. Sunderman & John W. Birch, 2003. "Estimating Price Paths for Residential Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 25(3), pages 277-300.
  4. P. Joan Poor & Kevin J. Boyle & Laura O. Taylor & Roy Bouchard, 2001. "Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 77(4), pages 482-493.
  5. 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..
  6. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  7. Boyle, Kevin J & Taylor, Laura O, 2001. "Does the Measurement of Property and Structural Characteristics Affect Estimated Implicit Prices for Environmental Amenities in a Hedonic Model?," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 303-18, March-May.
  8. Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
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