2022
DOI: 10.1142/s2382624x22400057
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Examining Implicit Price Variation for Lake Water Quality

Abstract: Hedonic price models are commonly used to estimate implicit prices for lake water quality across small geographic regions that might be assumed to be a part of a common real estate market. Yet recent studies expand the geographic scale of the hedonic model potentially obscuring important differences in implicit prices across markets. We estimate implicit prices for lake water quality across multiple states in the northeast and upper Midwest in the United States of America at three different geographic scales: … Show more

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Cited by 2 publications
(5 citation statements)
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“…CVs for Secchi range from as low as 0.21 for a Substate area in New Hampshire (Gibbs et al 2002) and as high as 0.90 at the national level (Moore et al 2020). While 0.21 is the minimum CV, the next three smallest CVs are 0.31, 0.32, and 0.34 from Michael, Boyle, and Bouchard (2000), Gibbs et al (2002), and Swedberg et al (2022), respectively. We choose 0.25 as the minimum CV as it falls in between 0.21 and 0.31.…”
Section: Controlling For Investigator Decisionsmentioning
confidence: 99%
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“…CVs for Secchi range from as low as 0.21 for a Substate area in New Hampshire (Gibbs et al 2002) and as high as 0.90 at the national level (Moore et al 2020). While 0.21 is the minimum CV, the next three smallest CVs are 0.31, 0.32, and 0.34 from Michael, Boyle, and Bouchard (2000), Gibbs et al (2002), and Swedberg et al (2022), respectively. We choose 0.25 as the minimum CV as it falls in between 0.21 and 0.31.…”
Section: Controlling For Investigator Decisionsmentioning
confidence: 99%
“…Studies conducted at the local level demonstrate differences in implicit values for water quality, which are confirmed by the Guignet et al (2022) meta-analysis that reports significant differences in elasticity estimates across broad regions of the country (see also Heberling, Guignet, and Papenfus (2022)). Further, Zhang, Phaneuf, and Schaeffer (2022) and Swedberg et al (2022) studies observe heterogeneity in value estimates at the Regional and State levels. Within a national housing market framework, Mamun et al (2023) observe spatial heterogeneity by state and ecoregion, while Moore et al (2020) do not find evidence for heterogeneity at the state level.…”
Section: Introductionmentioning
confidence: 99%
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“…Contributors to this article have used ZTRAX data to estimate: the cost of land acquisitions for conservation purposes (Nolte 2020); property value effects of national parks and historic sites (Zabel, Nolte and Paterson 2024); the benefits of lake water quality (Mamun et al 2023;Swedberg et al 2024); the effects of water markets on agricultural land values (Chaudhry, Fairbanks and Nolte 2024); the cost of hazardous chemical releases and the benefits of subsequent cleanups Guignet et al 2024); the risk of flood damage to residential homes (Gourevitch et al 2023); the effects of flood insurance policies (Hennighausen et al 2024;Pollack et al 2024); and property value impacts of critical habitat under the U.S.…”
Section: Introductionmentioning
confidence: 99%