Modeling the Property Price Impact of Water Quality in 14 Chesapeake Bay Counties

Walsh, Patrick J.; Griffiths, Charles; Guignet, Dennis; Klemick, Heather

doi:10.1016/j.ecolecon.2016.12.014

Cited by 48 publications

(46 citation statements)

References 41 publications

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“…Using data from the Chesapeake Bay area, Walsh et al (2017) also find a discount for properties vulnerable to SLR but that the discount is offset in the presence of adaptive structures such as bulkheads and ripraps. They show that homes in the high risk inundation areas sell for an average of 19-23 percent less if there is a lack of protective structures.…”

Section: Introductionmentioning

confidence: 86%

“…For example, it focuses on only one narrow geographic location and one should be cautious about extrapolating these results to other coastal areas where inundation risk and median home values may be different. Furthermore, work by Walsh et al (2017) suggests that adaptive structures may reduce the impact of SLR on home values. This study does not take into account adaptations home owners may undertake as their understanding of SLR changes over time.…”

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confidence: 99%

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The Impact of Sea Level Rise on Real Estate Prices in Coastal Georgia

Beck¹,

Lin²

2020

Review of Regional Studies

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This paper adopts a hedonic pricing model to study the impact of vulnerability to inundation from sea level rise on home prices in Savannah, Georgia. We find that homes most at risk from sea level rise are associated with an approximate 3.1 percent price discount. The results are consistent with prior studies, which uses data from different locations in U.S. coastal areas. We also find that the discount is more significant in our later sample period, indicating that house buyers may be becoming more aware of the climate risk. This paper contributes to the understanding of house pricing factors in the study area regarding the sea level rise effects.

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Section: Introductionmentioning

confidence: 86%

mentioning

confidence: 99%

The Impact of Sea Level Rise on Real Estate Prices in Coastal Georgia

Beck¹,

Lin²

2020

Review of Regional Studies

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“…The variation of WTP with distance is a crucial element of outdoor recreation demand models, in which costs of access are strongly related to the travel distance between a recreational users' residence and her destination. In hedonic models the distance between a property and a river or lake is sometimes included as an explanatory variable, and researchers have generally found that the influence of resource quality on property values declines substantially within 1 to 2 kilometers away from the resource; e.g., (Walsh, Griffiths, Guignet, & Klemick, 2017). The treatment of distance decay is more speculative with stated preference approaches, however, particularly inasmuch as one common argument for employing stated preference methods is that some of the values they capture may be entirely divorced from use.…”

Section: Epa Benefit Transfer Challengesmentioning

confidence: 99%

Benefit Transfer Challenges: Perspectives from U.S. Practitioners

Newbold

Simpson

Massey

et al. 2018

Environ Resource Econ

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and internal review of a final rule by the EPA; OMB review of the final rule; publication of the final rule in the Federal Register; and, finally, implementation of the rule. If the rule is expected to have an impact on the U.S. economy of $100 million per year or more, then it is deemed "economically significant" 1 and must be accompanied by a formal BCA at both the proposal and final stages (Fraas, 1991). This process can be time-consuming. To give an example, the EPA's regulations concerning discharges from Concentrated Animal Feeding Operations (CAFOs) were formally proposed two years after they were initially conceived and the rule was finalized three years after proposal (USEPA, 2009). In another illustrative case, the EPA's Steam Electric effluent guidelines were proposed four years after their conception, and finalized two years after the proposal (USEPA, 2015a). Within such timelines an iterative sequence of data collection, analysis, review, and revision must be conducted in compliance with a series of internally and externally imposed intermediate deadlines. The process begins with collecting large amounts of data. (In the case of the Steam Electric rule, for example, a nearly-400-page questionnaire was distributed to each manufacturing facility that might be subject to the new regulation.) The collected data are then used to develop policy options. Environmental engineers then estimate changes in pollution emissions, and water quality scientists produce estimates of changes in ambient water quality levels associated with each option. Economists use these predictions, as well as other information, to estimate the benefits and costs of each option considered for the proposed rule. After the rule is formally proposed, the process pauses for a public comment period-usually lasting between 60 and 120 daysduring which interested parties submit comments on the proposal to the EPA. Often a large portion of the public comments are submitted by the regulated industry, and these may include new data and analyses. The EPA then must respond to all submitted public comments and modify the rule options and analyses accordingly. Before a rule can be proposed or finalized, it also must pass through several rounds of internal review, plus external review by other federal agencies and OMB. While the overall time from conception to proposal of a rule, and then from proposal to finalization may stretch into years, the time to conduct a BCA may be more constrained. At each stage of review, EPA staff may be required to analyze new options for the rule on relatively short turnaround times. Furthermore, the policy options as originally configured might be partially or wholly obsolete before a rule-making is completed, and EPA analysts must be prepared to make rapid adjustments to the analysis in response to evolving requests from managers as the rulemaking proceeds. 2 These factors create a demand for flexible and timely benefit analysis approaches. In addition to the time pressure benefit-cost analysts may find themselves un...

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“…Studies have either focused on one specific local context [18,19], or compared various local environments ranging over wide territorial areas to estimate the effect of the proximity to natural attractions [20][21][22], or big infrastructures such as airports [23]. More recently, the assessment of the benefits and co-benefits of environmental amenities or green infrastructures [24], or the exposure to environmental hazards [25] has received major attention.…”

Section: The Use Of Hedonic Approach For the Assessment Or Urban Qualitymentioning

confidence: 99%

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

et al. 2017

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Abstract:The Hedonic Pricing Method is one of the principal assessment methods for evaluating services and resources not normally exchanged on the market. However, the method is often unable to account for the great variety of qualities in an urban context and faces scarce and heterogeneous market data. This paper presents a model for the valuation of benefits generated by environmental and urban improvement investments adopting a mixed hedonic-multi-attribute procedure for modeling a value function of urban real estate values. The peculiarity of the model is that the independent variables are aggregated indicators, which synthetize more detailed characteristics. Using the expertise of real estate agents, all relevant variables influencing real estate values were weighted and synthetized in a set of cardinal indicators. Next, market prices were used to calibrate a hedonic function that transforms the cardinal indicators into real estate values. The valuation model was integrated into a GIS for mapping the housing value, and its variation induced by urban investment. The proposed model pointed out plausible and robust results, in particular, the possibility to use any available information, such as location, position, technical and economic characteristics of buildings, and organize it in a flexible and transparent way, and to keep evident the role of each characteristic through the hierarchical structure of the model. The model was applied to the real estate market of Venice to test the effects of the MOSE project (Electromechanical Experimental Module) for the protection of Venice from high tides. The results of the application showed a relevant increase in real estate values in the center of Venice, especially related to property in ground floor units, of about 1.4 billion €.

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Modeling the Property Price Impact of Water Quality in 14 Chesapeake Bay Counties

Cited by 48 publications

References 41 publications

The Impact of Sea Level Rise on Real Estate Prices in Coastal Georgia

The Impact of Sea Level Rise on Real Estate Prices in Coastal Georgia

Benefit Transfer Challenges: Perspectives from U.S. Practitioners

Assessing the Impact of Urban Improvement on Housing Values: A Hedonic Pricing and Multi-Attribute Analysis Model for the Historic Centre of Venice

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