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Measuring the Economic Value of Water Quality: The Case of Lakeshore Land

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  • Steinnes, Donald N

Abstract

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.

Suggested Citation

  • Steinnes, Donald N, 1992. "Measuring the Economic Value of Water Quality: The Case of Lakeshore Land," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 26(2), pages 171-176, June.
  • Handle: RePEc:spr:anresc:v:26:y:1992:i:2:p:171-76
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    Citations

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    Cited by:

    1. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March.
    2. Christy Siegel & Steven B. Caudill & Franklin G. Mixon, 2013. "Clear skies, dark waters: The Gulf oil spill and the price of coastal condominiums in Alabama," Economics and Business Letters, Oviedo University Press, vol. 2(2), pages 42-53.
    3. Halkos, George, 2013. "The relationship between people’s attitude and willingness to pay for river conservation," MPRA Paper 50560, University Library of Munich, Germany.
    4. Eduardo Beamonte Córdoba & José D. Bermúdez Edo & Alejandro Casino Martínez & Ernesto J. Veres Ferrer, 2007. "Medición de la calidad del agua del trasvase del Ebro (tramo Castellón-Mijares): valoración del coste económico asociado a la adecuación de calidades/Water Quality Measurement in the Ebro Transfer (Ca," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 573-586, Abril.
    5. Ann Hodgkinson & Abbas Valadkhani, 2009. "Community Valuations of Environmental Quality in Coastal Lakes: Lake Illawarra Case Study," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 155-168, June.
    6. repec:gam:jsusta:v:10:y:2018:i:2:p:500-:d:131729 is not listed on IDEAS
    7. Baron, Aneil & Zhang, Wendong & Irwin, Elena, 2016. "Estimating the Capitalization Effects of Harmful Algal Bloom Incidence, Intensity and Duration? A Repeated Sales Model of Lake Erie Lakefront Property Values," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 236589, Agricultural and Applied Economics Association.
    8. repec:bla:presci:v:96:y:2017:i:2:p:423-444 is not listed on IDEAS
    9. 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;Western Agricultural Economics Association.
    10. Luca Stanca, 2008. "Le determinanti dei prezzi delle abitazioni: aspetti microeconomici," Working Papers 143, University of Milano-Bicocca, Department of Economics, revised Jul 2008.
    11. Johnson, Kris A. & Polasky, Stephen & Nelson, Erik & Pennington, Derric, 2012. "Uncertainty in ecosystem services valuation and implications for assessing land use tradeoffs: An agricultural case study in the Minnesota River Basin," Ecological Economics, Elsevier, vol. 79(C), pages 71-79.
    12. Fluvià, Modest & Rigall-I-Torrent, Ricard & Espinet, Josep Maria & Garriga, Anna & Saló, Albert, 2011. "Precios implícitos de los atributos de los productos turísticos: ¿Qué esconde el efecto de la localización?/Implicit Prices of the Attributes of Tourism Products: What is Hidden Behind Location?," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 29, pages 781-802, Diciembre.
    13. repec:gam:jsusta:v:10:y:2018:i:1:p:197-:d:127058 is not listed on IDEAS
    14. Poor, P. Joan & Pessagno, Keri L. & Paul, Robert W., 2007. "Exploring the hedonic value of ambient water quality: A local watershed-based study," Ecological Economics, Elsevier, vol. 60(4), pages 797-806, February.
    15. Valero, Antonio & Uche, Javier & Valero, Alicia & Martínez, Amaya, 2009. "Physical Hydronomics: Application of the exergy analysis to the assessment of environmental costs of water bodies. The case of the inland basins of Catalonia," Energy, Elsevier, vol. 34(12), pages 2101-2107.
    16. Ge, Jiaqi, 2014. "Stepping into new territory: Three essays on agent-based computational economics and environmental economics," ISU General Staff Papers 201401010800004899, Iowa State University, Department of Economics.
    17. Cho, Seong-Hoon & Roberts, Roland K. & Kim, Seung Gyu, 2011. "Negative externalities on property values resulting from water impairment: The case of the Pigeon River Watershed," Ecological Economics, Elsevier, vol. 70(12), pages 2390-2399.
    18. repec:kap:enreec:v:68:y:2017:i:2:d:10.1007_s10640-016-0020-8 is not listed on IDEAS
    19. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.
    20. Ge, Jiaqi & Kling, Catherine L. & Herriges, Joseph A., 2013. "How Much is Clean Water Worth? Valuing Water Quality Improvement Using A Meta Analysis," Staff General Research Papers Archive 36597, Iowa State University, Department of Economics.

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