Measuring environmental effects on property values without hedonic regressions

Palmquist, Raymond B.

doi:10.1016/0094-1190(82)90079-1

Cited by 155 publications

(83 citation statements)

References 17 publications

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“…Even if this were the case, the estimated coefficients of the variables of interest would be unbiased if these variables were uncorrelated with the omitted variables. 7 Our analysis is similar to that of Palmquist (1982), who used a repeat sales method to estimate the price effects of highway noise.…”

Section: The Repeat Sales Estimation Modelmentioning

confidence: 56%

The Market Value of Reducing Cancer Risk: Hedonic Housing Prices with Changing Information

Gayer¹,

Hamilton²,

Viscusi³

2002

Southern Economic Journal

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JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. In this paper, we use housing price changes occurring after the release of a regulatory agency's environmental risk information to estimate the value people place on cancer risk reduction. Using a large original data set on the repeat sales of houses, matched with detailed data on hazardous waste cancer risk and newspaper publicity, we find that housing prices respond in a rational manner to changes in information about risk. Since the new information indicated that the sites in our sample pose relatively low cancer risk, the informational release led residents to lower their risk beliefs, resulting in an average housing price increase of $56 to $87. This price change implies a statistical value per case of cancer of $4.3 million to $8.3 million, which is similar to the estimates obtained in labor market studies of the value of a statistical life. Newspaper publicity about the local sites increased housing prices, suggesting that residents perceived the news as good.

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Section: The Repeat Sales Estimation Modelmentioning

confidence: 56%

The Market Value of Reducing Cancer Risk: Hedonic Housing Prices with Changing Information

Gayer¹,

Hamilton²,

Viscusi³

2002

Southern Economic Journal

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“…In addition, the different in characteristics between properties that were traded several times compared to a typical one can also contribute to the sample bias (Shimizu, Takatsuji and Nishimura, 2010). According to Dorsey et al (2010) and Palmquist (1982), another weakness of the repeat-sales method is that the method can only measure a constant quality of property and cannot measure the price changes over different time period. Due to these limitations, researchers such as Harrison, Smersh and Schwartz (2001) prefer to apply HPM to estimate the property values.…”

Section: Reviews Of Relevant Literaturesmentioning

confidence: 99%

Flood and Land Property Values

Ismail¹,

Karim²,

Basri³

2016

ASS

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Flood disaster has become a natural concern to the land owners where it raised a critical issue in term of land value depreciation. Previous studies have discussed the issue of potential decline in the value of land which are located on the flood-liable area. However, in Malaysia, current studies on flood impact are considered limited and do not focus on the effects of flood on land property. With the Hedonic Pricing Model (HPM) approach, we investigate the effect of flood on agricultural and industrial land property values in the urban and rural areas in Malaysia. The analysis indicates that the agricultural and industrial land values in the urban and rural areas have significantly decreased due to flood events. This study will benefit the land owners to understand the flood impact on land value and also the factors that contribute to the loss in the land value. It becomes the responsibility of the land owner to put the asset and property to its best use, given the presence of the flood. In addition, this study will help the policy maker to design and allocate land development efficiently in the urban or rural areas for agricultural and industrial project to ensure depreciation value of the land is minimized in the case of flood.

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“…Repeat-sales tnodei A repeat-sales model (Palmquist 1982(Palmquist , 2005) is used to remove unobserved, time-invariant characteristics of a property. With B, denoting the real estate price index, Z, again giving the vector of property characteristics, and C, giving the unobserved property-level characteristics, the price of property / in year / is given by…”

Section: Ffect Of the ¡993 Floodmentioning

confidence: 99%