Using hedonic property models to value public water bodies: An analysis of specification issues

Water Resources Research

Volumn 45, Issue 1, 2009, Pages

  Muller, Nicholas Z ^a  

^a MIDDLEBURY COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

RESERVOIRS (WATER); RESOURCE VALUATION; SPECIFICATIONS; WATER ANALYSIS;

EXTERNAL BENEFITS; HEDONIC MODELS; HEDONIC PROPERTY MODELS; INDIANA; MAN-MADE LAKES; MODEL SPECIFICATIONS; NON-MARKET SERVICES; PAPER TESTS; PUBLIC AGENCIES; REAL ESTATES; WATER BODIES;

WATER RESOURCES;

COST-BENEFIT ANALYSIS; HEDONIC ANALYSIS; LAKE; MODEL TEST; MODELING; PUBLIC GOODS;

CONNECTICUT; NORTH AMERICA; UNITED STATES;

EID: 61349191010     PISSN: 00431397     EISSN: None     Source Type: Journal    
DOI: 10.1029/2008WR007281     Document Type: Article

References (18)

1. Benson, E., J. Hansen, A. Schwartz, and G. Smersh (1998), Pricing residential amenities: The valueofa view, J. Real Estate Finan. Econ., 16, 55-73.
2. Bin, O., T. Crawford, J. Kruse, and C. Landry (2008), Viewscapes and flood hazard: Coastal housing market response to amenities and risk, Land Econ., 84, 434-448.
3. Brookshire, D. S., M. A. Thayer, W. D. Schulze, and R. C. d'Arge (1982), Valuing public goods: A comparison of survey and hedonic approaches, Am. Econ. Rev., 72, 165-177.
4. Brown, G. M. Jr., and H. O. Pollakowski (1977), Economic value of shoreline, Rev. Econ. Stat., 59, 272-278.
5. Cropper, M. L., L. B. Deck, and K. E. McConnell (1988), On the choice of functional form for hedonic price functions, Rev. Econ. Stat., 70, 668-675.
6. Earnharl, D. (2001), Combining revealed and stated preference methods to value environmental amenities at residential locations, Land Econ., 77, 12-29.
7. Freeman, A. M. (2003), The measurement of environmental and resource values, report, Resour. for the Future, Washington, D. C.
8. Hardle, W. (1990), Applied Non-Parametric Regression, Econ. Soc. Monogr., vol. 19, Cambridge Univ. Press, Cambridge, U. K.
9. Hausman, J. A. (1978), Specification tests in econometrics, Econometrica, 46, 1251-1271.
10. Heien, D. M. (1968), A note on log linear regression, J. Am. Stat. Assoc., 63, 1034-1038.
11. Kulshreshtha, S. N., and J. A. Gillies (1993), Economic evaluation of aesthetic amenities: A case study of river view, Water Resour. Bull., 29, 257-266.
12. Lansford, N. H., and L. L. Jones (1995a), Recreational and aesthetic value of water using hedonic price analysis., J. Agric. Resour. Econ., 20, 341-355.
13. Lansford, N. H., and L. L. Jones (1995b), Marginal price of lake recreation and aesthetics: An hedonic approach, J. Agric. Appl. Econ., 27, 212-223.
14. Loomis, J., and M. Feldman (2003), Estimating the benefits of maintaining adequate lake levels to homeowners using the hedonic property method, Water Resour. Res., 39(9), 1259, doi:10.1029/2002WR001799.
15. Mahan, B. L., S. Polasky, and R. M. Adams (2000), Valuing urban wetlands: A property price approach, Land Econ., 76, 100-113.
16. Palmquist, R. B. (1992), Valuing localized externalities, J.Urban Econ., 31, 59-68.
17. Stone, M. (1974), Cross-validatory choice and assessment of statistical predictions, J. R. Stat. Soc, Ser. B, 36, 111-147.
18. White, H. (1980), A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica, 48, 817-838.