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Community Valuations of Environmental Qality in Coastal Lakes: Lake Illawarra Case Study

This study illustrates how the hedonic pricing method can measure the value of environmental assets in an urban setting. A HPM valuation, utilising relatively easily accessible secondary data, and a semi-logarithmic regression form, is used. The value achieved was substantially greater than either expenditures to date or the actuarial valuation of Lake Illawarra. The study demonstrates the applicability of the technique and recommends its further development and use for this type of public decision-making. A range of other data was also generated that adds to the usefulness of this approach for general planning purposes.

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Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp09-03.

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Length: 30 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:uow:depec1:wp09-03
Contact details of provider: Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
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  1. Guy Garrod & Ken Willis, 1994. "An economic estimate of the effect of a waterside location on property values," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 4(2), pages 209-217, April.
  2. Bin, Okmyung & Polasky, Stephen, 2005. "Evidence on the Amenity Value of Wetlands in a Rural Setting," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(03), December.
  3. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(02), December.
  4. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
  5. Palmquist, Raymond B., 1982. "Measuring environmental effects on property values without hedonic regressions," Journal of Urban Economics, Elsevier, vol. 11(3), pages 333-347, May.
  6. Robert J. Johnston, 2001. "Estimating Amenity Benefits of Coastal Farmland," Growth and Change, Wiley Blackwell, vol. 32(3), pages 305-325.
  7. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
  8. Kevin J. Boyle & P. Joan Poor & Laura O. Taylor, 1999. "Estimating the Demand for Protecting Freshwater Lakes from Eutrophication," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(5), pages 1118-1122.
  9. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March.
  10. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  11. Mooney, Sian & Eisgruber, Ludwig M, 2001. "The Influence of Riparian Protection Measures on Residential Property Values: The Case of the Oregon Plan for Salmon and Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 273-86, March-May.
  12. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July.
  13. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
  14. J. Walter Milon & Jonathan Gressel & David Mulkey, 1984. "Hedonic Amenity Valuation and Functional Form Specification," Land Economics, University of Wisconsin Press, vol. 60(4), pages 378-387.
  15. Hill, Elizabeth & Pugh, Sam & Mullen, Jeffrey D., 2007. "Use of the Hedonic Method to Estimate Lake Sedimentation Impacts on Property Values in Mountain Park and Roswell, GA," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 9950, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  16. Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-37, March-May.
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