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Lake Drawdown: A Debate on the Value of 2 Inches of Water

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  • Russell Kashian

    () (Department of Economics, University of Wisconsin - Whitewater)

Abstract

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.

Suggested Citation

  • Russell Kashian, 2006. "Lake Drawdown: A Debate on the Value of 2 Inches of Water," Working Papers 06-02, UW-Whitewater, Department of Economics.
  • Handle: RePEc:uww:wpaper:06-02
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    References listed on IDEAS

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    2. 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.
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    6. 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.
    7. 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..
    8. 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.
    9. Puto, Christopher P, 1987. " The Framing of Buying Decisions," Journal of Consumer Research, Oxford University Press, vol. 14(3), pages 301-315, December.
    10. 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.
    11. 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.
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