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Spatial Heterogeneity in Hedonic Price Effects for Lake Water Quality

Author

Listed:
  • Kristen Swedberg
  • Diego S. Cardoso
  • Adriana Castillo-Castillo
  • Saleh Mamun
  • Kevin J. Boyle
  • Christoph Nolte
  • Michael Papenfus
  • Stephen Polasky

Abstract

This study uses Zillow’s Transaction and Assessment Database to investigate variation in hedonic price effects of water clarity on single-family houses throughout the United States. We consider five spatial scales and estimate models using different sample selection criteria and model specifications. The results indicate considerable spatial heterogeneity within and across the four U.S. census regions. However, we also find heterogeneity resulting from different types of investigator decisions, including sample selection and modeling choices. Thus, it is necessary to use practical knowledge to consider the limits of market areas and to investigate the robustness of estimation results to investigator choices.

Suggested Citation

  • Kristen Swedberg & Diego S. Cardoso & Adriana Castillo-Castillo & Saleh Mamun & Kevin J. Boyle & Christoph Nolte & Michael Papenfus & Stephen Polasky, 2024. "Spatial Heterogeneity in Hedonic Price Effects for Lake Water Quality," Land Economics, University of Wisconsin Press, vol. 100(1), pages 89-108.
    • Handle: RePEc:uwp:landec:v:100:y:2024:i:1:p:89-108
    Note: DOI: https://doi.org/10.3368/le.100.1.102122-0086R
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    References listed on IDEAS

    as
    1. Megan Kung & Dennis Guignet & Patrick Walsh, 2022. "Comparing Pollution Where You Live and Play: A Hedonic Analysis of Enterococcus in the Long Island Sound," Marine Resource Economics, University of Chicago Press, vol. 37(1), pages 65-89.
    2. 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 303-318, March-May.
    3. Wentland, Scott A. & Ancona, Zachary H. & Bagstad, Kenneth J. & Boyd, James & Hass, Julie L. & Gindelsky, Marina & Moulton, Jeremy G., 2020. "Accounting for land in the United States: Integrating physical land cover, land use, and monetary valuation," Ecosystem Services, Elsevier, vol. 46(C).
    4. Patrick J. Walsh & J. Walter Milon, 2016. "Nutrient Standards, Water Quality Indicators, and Economic Benefits from Water Quality Regulations," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(4), pages 643-661, August.
    5. 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).
    6. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, December.
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    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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