Valuing rural recreation amenities: Hedonic prices for vacation rental houses at deep Creek Lake, Maryland

Agricultural and Resource Economics Review

Volumn 39, Issue 3, 2010, Pages 485-504

  Nelson, Jon P ^a  

^a PENNSYLVANIA STATE UNIVERSITY   (United States)

Author keywords

Environmental valuation; Hedonic prices; Recreation demand; Spatial models

Indexed keywords

EID: 84874609914     PISSN: 10682805     EISSN: None     Source Type: Journal    
DOI: 10.1017/S1068280500007462     Document Type: Article

References (47)

1. Anselin, L. 2003. "Spatial Externalities, Spatial Multipliers, and Spatial Econometrics." International Regional Science Review 26(2): 153-166. (Pubitemid 36435226)
2. Bell, J. 2007. "History of the Wisp Resort." Available at http://deepcreekhotproperties.blogspot.com/2007/08/history-of-wisp-resort.html (accessed November 16, 2009).
3. - 2008. "About Deep Creek Lake." Available at http://deepcreekhotproperties.blogspot.com/2008/05/about-deepcreek-lake-jon- bell-railey.html (accessed November 16, 2009).
4. Benjamin, J.D., G.D. Jud, and D.T. Winkler. 2001. "The Value of Smoking Prohibitions in Vacation Rental Properties." Journal of Real Estate Finance and Economics 22(1): 117-128.
5. Bockstael, N.E., K.E. McConnell, and I.E. Strand. 1991. "Recreation." In J.B. Braden and C.D. Kolstad, eds., Measuring the Demand for Environmental Quality. Amsterdam: North-Holland.
6. Bond, M.T., V.L. Seiler, and M.J. Seiler. 2002. "Residential Real Estate Prices: A Room with a View." Journal of Real Estate Research 23(1/2): 129-137.
7. Bowen, W.M., B.A. Mikelbank, and D.M. Prestegaard. 2001. "Theoretical and Empirical Considerations Regarding Space in Hedonic Housing Price Model Applications." Growth and Change 32(4): 466-490. (Pubitemid 33670584)
8. Butsic, V., E. Hanak, and R.G. Valletta. 2008. "Climate Change and Housing Prices: Hedonic Estimates for North American Ski Resorts." Working Paper No. 2008-12, Federal Reserve Bank of San Francisco, San Francisco, CA.
9. Can, A. 1990. "The Measurement of Neighborhood Dynamics in Urban House Prices." Economic Geography 66(3): 254-272.
10. Day, B.H. 2001. The Theory of Hedonic Markets: Obtaining Welfare Measures of Changes in Environmental Quality Using Hedonic Market Data. Economics for the Environment Consultancy, London, UK.
11. Deep Creek Times. 2009. Map of Deep Creek Lake. Available at http://www.deepcreektimes.com/images/dclmap1.jpg (accessed November 16, 2009).
12. Deller, S., and V. Lledo. 2007. "Amenities and Rural Appalachia Economic Growth." Agricultural and Resource Economics Review 36(1): 107-132. (Pubitemid 46903842)
13. Deller, S.C., T.-H. Tsai, D.W. Marcouiller, and D.B.K. English. 2001. "The Role of Amenities and Quality of Life in Rural Economic Growth." American Journal of Agricultural Economics 83(2): 352-365. (Pubitemid 32459535)
14. Dissart, J.C., and D.W. Marcouiller. 2005. "Impact of Outdoor Recreation Facilities on Remote Rural Income Growth." In G.P. Green, S.C. Deller, and D.W. Marcouiller, eds., Amenities and Rural Development: Theory, Methods and Public Policy. Cheltenham, UK: Edward Elgar.
15. Dubin, R.A. 1988. "Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms." Review of Economics and Statistics 70(3): 168-173.
16. - 1998. "Spatial Autocorrelation: A Primer." Journal of Housing Economics 7(4): 304-327. (Pubitemid 128343583)
17. Freeman, A.M. 2003. The Measurement of Environmental and Resource Values: Theory and Methods (2nd ed.). Washington, D.C.: Resources for the Future.
18. Geoghegan, J., L.A. Wainger, and N.E. Bockstael. 1997. "Spatial Landscape Indices in a Hedonic Framework: An Ecological Economics Analysis using GIS." Ecological Economics 23(3): 251-264. (Pubitemid 28005677)
19. Gibbs, J.P., J.M. Halstead, K.J. Boyle, and J.-C. Huang. 2002. "An Hedonic Analysis of the Effects of Lake Water Clarity on New Hampshire Lakefront Properties." Agricultural and Resource Economics Review 31(1): 39-46.
20. Hanley, N., and E.B. Barbier. 2009. Pricing Nature: Cost- Benefit Analysis and Environmental Policy. Cheltenham, UK: Edward Elgar.
21. Hite, D. 1998. "Information and Bargaining in Markets for Environmental Quality." Land Economics 74(3): 303-316. (Pubitemid 29040856)
22. Johnson, K.M., and C.L. Beale. 2002. "Nonmetro Recreation Counties: Their Identification and Rapid Growth." Rural America 17(4): 12-19.
23. Johnston, R.J., J.J. Opaluch, T.A. Grigalunas, and M.J. Mazzotta. 2001. "Estimating Amenity Benefits of Coastal Farmland." Growth and Change 32(2): 305-325. (Pubitemid 33670468)
24. Kennedy, P.E. 1981. "Estimation with Correctly Interpreted Dummy Variables in Semilogarithmic Equations." American Economic Review 71(4): 801-802.
25. - 2003. A Guide to Econometrics (5th ed.). Cambridge, MA: MIT Press.
26. Kim, C.W., T.T. Phipps, and L. Anselin. 2003. "Measuring the Benefits of Air Quality Improvement: A Spatial Hedonic Approach." Journal of Environmental Economics and Management 45(1): 24-39. (Pubitemid 36251390)
27. Knight, J.R. 2008. "Hedonic Modeling of the Home Selling Process." In A. Baranzini, J. Ramirez, C. Schaerer, and P. Thalmann, eds., Hedonic Methods in Housing Markets: Pricing Environmental Amenities and Segregation. New York: Springer.
28. LeSage, J., and R.K. Pace. 2009. Introduction to Spatial Econometrics. Boca Raton, FL: CRC Press.
29. Maryland Department of Natural Resources. 2001. "Deep Creek Lake Recreation and Land Use Plan." Available at http://www.dnr.state.md.us/ publiclands/western/deepcreeklake.html (accessed November 16, 2009).
30. MDNR [see Maryland Department of Natural Resources].
31. Mollard, A., T. Rambonilaza, and D. Vollet. 2007. "Environmental Amenities and Territorial Anchorage in the Recreational-Housing Rental Market: A Hedonic Approach with French Data." Land Use Policy 24(2): 484-493. (Pubitemid 46291531)
32. Mueller, J., and J.B. Loomis. 2008. "Spatial Dependence in Hedonic Property Models: Do Different Corrections for Spatial Dependence Result in Economically Significant Differences in Estimated Implicit Prices?" Journal of Agricultural and Resource Economics 33(2): 212-231.
33. Palmquist, R.B. 1992. "Valuing Localized Externalities." Journal of Urban Economics 31(1): 59-68.
34. Pope, J.C. 2008. "Do Seller Disclosures Affect Property Values? Buyer Information and the Hedonic Model." Land Economics 84(4): 551-572.
35. Reeder, R.J., and D.M. Brown. 2005. "Recreation, Tourism, and Rural Well-Being." Economic Research Report No. 7, Economic Research Service, U.S. Department of Agriculture, Washington, D.C.
36. Rush, R., and T.H. Bruggink. 2000. "The Value of Ocean Proximity on Barrier Island Houses." Appraisal Journal 68(2): 142-150.
37. Salvi, M. 2008. "Spatial Estimation of the Impact of Airport Noise on Residential Housing Prices." Swiss Journal of Economics and Statistics 144(4): 577-606.
38. Smith, V.K., and R.B. Palmquist. 1994. "Temporal Substitution and the Recreational Value of Coastal Amenities." Review of Economics and Statistics 76(1): 119-126.
39. Soguel, N., M.-J. Martin, and A. Tangerini. 2008. "The Impact of Housing Market Segmentation between Tourists and Residents on the Hedonic Price for Landscape Quality." Swiss Journal of Economics and Statistics 144(4): 655-678.
40. Taylor, L.O., and V.K. Smith. 2000. "Environmental Amenities as a Source of Market Power." Land Economics 76(4): 550-568. (Pubitemid 32169465)
41. Timothy, D.J. 2004. "Recreational Second Homes in the United States: Development Issues and Contemporary Patterns." In C.M. Hall and D.K. Muller, eds., Tourism, Mobility and Second Homes: Between Elite Landscape and Common Ground. Clevedon, UK: Channel View.
42. U.S. Bureau of the Census. 2009. "Total Housing Inventory for the United States." Statistical Abstract of the United States (Table 940). Washington, D.C.: U.S. Government Printing Office. Available at http://www.census.gov (accessed November 16, 2009).
43. van Garderen, K.J., and C. Shah. 2002. "Exact Interpretation of Dummy Variables in Semilogarithmic Equations." Econometrics Journal 5(1): 149-159.
44. Wheaton, W.C. 2005. "Resort Real Estate: Does Supply Prevent Appreciation?" Journal of Real Estate Research 27(1): 1-16. (Pubitemid 40447468)
45. Wilman, E.A. 1981. "Hedonic Prices and Beach Recreational Values." In V.K. Smith, ed., Advances in Applied Microeconomics (Vol. 1). Greenwich, CT: JAI Press.
46. - 1984. External Costs of Coastal Beach Pollution: An Hedonic Approach. Washington, D.C.: Resources for the Future.
47. Zerbe, R.O., and D.W. Dively. 1994. Benefit-Cost Analysis: In Theory and Practice. New York: HarperCollins.