Values in the Wind: A Hedonic Analysis of Wind Power Facilities
The siting of wind facilities is extremely controversial. This paper uses data on 11,331 property transactions over nine years in northern New York State to explore the effects of new wind facilities on property values. We use a fixed-effects framework to control for omitted variables and endogeneity biases. We find that nearby wind facilities significantly reduce property values in two of the three counties studied. These results indicate that existing compensation to local homeowners/communities may not be sufficient to prevent a loss of property values.
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- Peter A. Groothuis & Jana D. Groothuis & John C. Whitehead, 2007. "Green vs. Green: Measuring the Compensation Required to Site Electrical Generation Windmills in a Viewshed," Working Papers 07-12, Department of Economics, Appalachian State University.
- Ted Gayer & James T. Hamilton & W. Kip Viscusi, 2002. "The Market Value of Reducing Cancer Risk: Hedonic Housing Prices with Changing Information," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 266-289, October.
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- Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-475, June.
- Daniel T. Kaffine & Brannin J. McBee & Jozef Lieskovsky, 2012. "Emissions savings from wind power generation: Evidence from Texas, California and the Upper Midwest," Working Papers 2012-03, Colorado School of Mines, Division of Economics and Business.
- Parsons, George R., 1990. "Hedonic prices and public goods: An argument for weighting locational attributes in hedonic regressions by lot size," Journal of Urban Economics, Elsevier, vol. 27(3), pages 308-321, May.
- Andrew D. Krueger & George R. Parsons & Jeremy Firestone, 2011. "Valuing the Visual Disamenity of Offshore Wind Power Projects at Varying Distances from the Shore: An Application on the Delaware Shoreline," Land Economics, University of Wisconsin Press, vol. 87(2), pages 268-283.
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