Measuring the Economic Value of Water Quality: The Case of Lakeshore Land
The valuation of water quality has proved difficult for economists using hedonic methods. This study, by employing a sample of lakes and considering only land values, is able to overcome many methodological and empirical problems inherent in previous studies. One objective measure of water quality, secchi disc reading, is found to be significant for various alternative specifications of the hedonic model. As explained, however, the results suggest that economic value may be attached to a perceived, rather than actual, measure of water quality. This raises fundamental questions as to how economists and natural scientists can work together to formulate public policy regarding water quality.
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Volume (Year): 26 (1992)
Issue (Month): 2 (June)
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