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Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models

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  • P. Joan Poor
  • Kevin J. Boyle
  • Laura O. Taylor
  • Roy Bouchard

Abstract

This paper examines and compares objective, scientific measures of environmental quality with subjective measures of individuals’ perceptions obtained from survey information within the context of hedonic property value models. The specific application is to water clarity of freshwater lakes in Maine. Non-nested, J-test results indicate that the objective measure of water clarity was either preferred, or equally preferred, to the subjective measure for explaining variation in sale prices. These results are promising for hedonic applications employing scientific measures of environmental quality, however robustness of these results to other environmental amenities, and more complex environmental quality measures are of course needed.

Suggested Citation

  • P. Joan Poor & Kevin J. Boyle & Laura O. Taylor & Roy Bouchard, 2001. "Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 77(4), pages 482-493.
  • Handle: RePEc:uwp:landec:v:77:y:2001:i:4:p:482-493
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    References listed on IDEAS

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    1. James R. Lang & Wesley H. Jones, 1979. "Hedonic Property Valuation Models: Are Subjective Measures of Neighborhood Amenities Needed?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 7(4), pages 451-465.
    2. Atkinson, Scott E & Crocker, Thomas D, 1987. "A Bayesian Approach to Assessing the Robustness of Hedonic Property," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 2(1), pages 27-45, January.
    3. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Phil Graves & James C. Murdoch & Mark A. Thayer & Don Waldman, 1988. "The Robustness of Hedonic Price Estimation: Urban Air Quality," Land Economics, University of Wisconsin Press, vol. 64(3), pages 220-233.
    6. 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.
    7. Puto, Christopher P, 1987. " The Framing of Buying Decisions," Journal of Consumer Research, Oxford University Press, vol. 14(3), pages 301-315, December.
    8. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
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    More about this item

    JEL classification:

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

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