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Environmental Amenities as a Source of Market Power

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  • Laura O. Taylor
  • V. Kerry Smith

Abstract

Site-specific environmental amenities can provide a source of product-differentiating market power. Using estimates from hedonic-price equations and residual-demand models, our analysis recovers firm-specific estimates of price markups as measures of market power, and uses these markups to estimate the implied marginal value for access to coastal beaches. The application involves rental price and occupancy data for several thousand beach properties along a portion of the North Carolina coastline during the 1987 to 1992 rental seasons.

Suggested Citation

  • Laura O. Taylor & V. Kerry Smith, 2000. "Environmental Amenities as a Source of Market Power," Land Economics, University of Wisconsin Press, vol. 76(4), pages 550-568.
    • Handle: RePEc:uwp:landec:v:76:y:2000:i:4:p:550-568
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    Cited by:

    1. David Boto-García & Veronica Leoni, 2022. "The hedonic value of coastal amenities in peer-to-peer markets," DEA Working Papers 94, Universitat de les Illes Balears, Departament d'Economía Aplicada.
    2. Bianca Biagi & Maria Giovanna Brandano & Steven B. Caudill, 2016. "Tourism and house prices in Italy," Tourism Economics, , vol. 22(5), pages 964-978, October.
    3. Stephen Conroy & Jennifer Milosch, 2011. "An Estimation of the Coastal Premium for Residential Housing Prices in San Diego County," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 211-228, February.
    4. David Boto-García & Veronica Leoni, 2023. "The Economic Value of Coastal Amenities: Evidence from Beach Capitalization Effects in Peer-to-Peer Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(2), pages 529-557, February.
    5. Carr-Harris, Andrew & Lang, Corey, 2019. "Sustainability and tourism: the effect of the United States’ first offshore wind farm on the vacation rental market," Resource and Energy Economics, Elsevier, vol. 57(C), pages 51-67.
    6. Zhao, Qingbin & Li, Guoqiang & Gu, Xinhua & Lei, Chun Kwok, 2021. "Inequality hikes, saving surges, and housing bubbles," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 349-363.
    7. Amedee Mollard & Christophe Boschet & Jean-Christophe Dissart & Anne Marie Lacroix & Rambonilaza Bolatiana & Dominique Vollet, 2014. "Les aménités environnementales : quelle contribution au développement des territoires ruraux ?," Post-Print hal-01818702, HAL.
    8. Bilbao-Terol , Celia & Valdés , Luis, 2015. "The environmental setting, farming activities and rural accommodation prices," INVESTIGACIONES REGIONALES - Journal of REGIONAL RESEARCH, Asociación Española de Ciencia Regional, issue 33, pages 33-51.
    9. Du, Xuejun & Huang, Zhonghua, 2018. "Spatial and temporal effects of urban wetlands on housing prices: Evidence from Hangzhou, China," Land Use Policy, Elsevier, vol. 73(C), pages 290-298.
    10. Časni Anita Čeh & Filić Josipa, 2022. "Tourism housing price nexus," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 8(2), pages 53-65, December.
    11. Huang, Ju-Chin, 2016. "Recovering Marginal Willingness to Pays from Hedonic Prices under Imperfect Competition," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235608, Agricultural and Applied Economics Association.
    12. Mollard, A. & Rambonilaza, M. & Vollet, D., 2004. "Market structure and environmental amenities in hedonic pricing of rural cottages," Working Papers 200427, Grenoble Applied Economics Laboratory (GAEL).
    13. Celia Bilbao-Terol & Verónica Cañal-Fernández & Luis Valdés & Eduardo Del Valle, 2017. "Rural Tourism Accommodation Prices by Land Use-Based Hedonic Approach: First Results from the Case Study of the Self-Catering Cottages in Asturias," Sustainability, MDPI, vol. 9(10), pages 1-17, September.
    14. Walsh, Patrick & Griffiths, Charles & Guignet, Dennis & Klemick, Heather, 2017. "Modeling the Property Price Impact of Water Quality in 14 Chesapeake Bay Counties," Ecological Economics, Elsevier, vol. 135(C), pages 103-113.
    15. Nicolai V. Kuminoff & Jaren C. Pope, 2013. "The Value of Residential Land and Structures during the Great Housing Boom and Bust," Land Economics, University of Wisconsin Press, vol. 89(1), pages 1-29.
    16. Mustafa Oktem & Ju-Chin Huang, 2011. "Property tax shifting under imperfect competition," Applied Economics, Taylor & Francis Journals, vol. 43(2), pages 139-152.
    17. Bianca Biagi & Maria G. Brandano & Dionysia Lambiri, 2015. "Does Tourism Affect House Prices? Evidence from Italy," Growth and Change, Wiley Blackwell, vol. 46(3), pages 501-528, September.
    18. Dann Payares Ayola, 2012. "Estimación del potencial de valorización del suelo en Barranquilla en el periodo 2001-2011. Estimación de efectos fijos en datos de panel," Revista de Economía del Caribe 10851, Universidad del Norte.
    19. Zanatta, Valentina & D'Alpaos, Chiara, 2003. "Private Uses Versus Public Interests In The Management Of Venetian Villas: A Multicriteria Approach," Working Papers 14415, University of Minnesota, Center for International Food and Agricultural Policy.
    20. Subhasish M. Chowdhury & Oindrila De & Stephan Martin, 2013. "Product Quality and Business Contracts: Intermediary Crude Oil Pricing in a Southwest-US Regional Market," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2013-06, Centre for Competition Policy, University of East Anglia, Norwich, UK..
    21. Amelia Bilbao-Terol & Celia Bilbao-Terol, 2020. "Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification," Sustainability, MDPI, vol. 12(13), pages 1-18, July.
    22. B. Biagi & MG. Brandano & D. Lambiri, 2012. "Does tourism affect house prices? Some evidence from Italy," Working Paper CRENoS 201227, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    23. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.

    More about this item

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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