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Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models?

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  • Holly J. Michael
  • Kevin J. Boyle
  • Roy Bouchard

Abstract

Hedonic property value models are often used to derive point estimates for identifying the relationship between environmental quality and property prices. The measurement of the environmental quality variable is often selected based on convenience, but variables reflecting different perceptions about environmental quality may result in implicit prices that vary substantially. This case study derives implicit prices for nine measures of water clarity using hedonic property value models of lakefront properties in Maine. Results show that water clarity variables based on different perceptions may result in differences in implicit prices large enough to potentially affect policy decisions.

Suggested Citation

  • Holly J. Michael & Kevin J. Boyle & Roy Bouchard, 2000. "Does the Measurement of Environmental Quality Affect Implicit Prices Estimated from Hedonic Models?," Land Economics, University of Wisconsin Press, vol. 76(2), pages 283-298.
  • Handle: RePEc:uwp:landec:v:76:y:2000:i:2:p:283-298
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    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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