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The Effects of Aquatic Invasive Species on Property Values: Evidence from a Quasi-random Experiment

  • Horsch, Eric J.

    (Stratus Consulting, Boulder, CO)

  • Lewis, David J.

    (University of Wisconsin, Madison)

This study uses hedonic analysis to estimate the effects of a common aquatic invasive species--Eurasian Watermilfoil (milfoil)--on property values across an extensive system of over 170 lakes in the northern forest region of Wisconsin. Since milfoil is inadvertently spread by recreational boaters, and since boaters are more likely to visit attractive lakes, variables indicating the presence of milfoil are endogenous in a hedonic model. Using an identification strategy based on a spatial difference-in-differences specification, results indicate that lakes invaded with milfoil experienced an average 13% decrease in land values after invasion.

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File URL: http://www.aae.wisc.edu/pubs/sps/pdf/stpap530.pdf
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Paper provided by University of Wisconsin, Agricultural and Applied Economics in its series Staff Paper Series with number 530.

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Date of creation: Nov 2008
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Handle: RePEc:ecl:wisagr:530
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  17. 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..
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