Lake Drawdown: A Debate on the Value of 2 Inches of Water
This study uses the hedonic price model to estimate the effect a change in water level has on the value of real estate on Lake Koshkonong in Wisconsin. Hedonic techniques are employed to show that a 2 inch reduction in the lake’s water level had a significant effect on Lake Koshkonong’s shoreline property values. The body of existing research demonstrates that changes in both the subjective and objective indicators of value is important for estimating the implicit value of water quality in hedonic analyses. This paper provides new evidence on the economic harm created by the reduction of water levels and the concurrent publicity created by the action.
|Date of creation:||Sep 2006|
|Date of revision:|
|Contact details of provider:|| Postal: Whitewater, WI 53190-1750|
Phone: (414) 472-1361
Web page: http://www.uww.edu/cobe/economics/main.html
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- Lansford, Notie H. & Jones, Lonnie L., 1995.
"Marginal Price of Lake Recreation and Aesthetics: An Hedonic Approach,"
Journal of Agricultural and Applied Economics,
Cambridge University Press, vol. 27(01), pages 212-223, July.
- 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.
- White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
- George R. Parsons & Yangru Wu, 1991. "The Opportunity Cost of Coastal Land-Use Controls: An Empirical Analysis," Land Economics, University of Wisconsin Press, vol. 67(3), pages 308-316.
- Hatch, L. Upton & Hanson, Terrill R., 2001. "Change And Conflict In Land And Water Use: Resource Valuation In Conflict Resolution Among Competing Users," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(02), August.
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- 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.
- 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.
- Puto, Christopher P, 1987. " The Framing of Buying Decisions," Journal of Consumer Research, Oxford University Press, vol. 14(3), pages 301-15, December.
- Hatch, L. U. & Hanson, T. R., 2001. "Change and Conflict in Land and Water Use: Resource Valuation in Conflict Resolution among Competing Users," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 33(02), pages 297-306, August.
- Singh, Harinder, 1988. "Investigating the compatibility of econometric forecasts and subjective expectations: A suggested framework," Journal of Economic Psychology, Elsevier, vol. 9(2), pages 233-249, June.
- Boyle, Kevin J & Taylor, Laura O, 2001. "Does the Measurement of Property and Structural Characteristics Affect Estimated Implicit Prices for Environmental Amenities in a Hedonic Model?," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 303-18, March-May.
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