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Environmental Amenities as a Source of Market Power

Author

Listed:
  • 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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    Citations

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    Cited by:

    1. 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.
    2. 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.
    3. Qin Fan & J. Andrew Hansz & Xiaoming Yang, 2016. "The Pricing Effects of Open Space Amenities," The Journal of Real Estate Finance and Economics, Springer, vol. 52(3), pages 244-271, April.
    4. 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.
    5. 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 010851, UNIVERSIDAD DEL NORTE.
    6. 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.
    7. 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.
    8. Huang, Ju-Chin, 2016. "Recovering Marginal Willingness to Pays from Hedonic Prices under Imperfect Competition," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 235608, Agricultural and Applied Economics Association.
    9. 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).
    10. repec:gam:jsusta:v:9:y:2017:i:10:p:1688-:d:112838 is not listed on IDEAS
    11. 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.
    12. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.
    13. 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.

    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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