RECREATIONAL AND AESTHETIC VALUE OF WATER USING HEDONIC PRICE ANALYSIS
Notie Lansford and
Lonnie L. Jones
Journal of Agricultural and Resource Economics, 1995, vol. 20, issue 2, 15
Historically, water allocation focused on quantities demanded by consumptive uses. As quantity demand grows, efficient allocation among consumptive and nonconsumptive uses becomes more critical. This hedonic approach provides information regarding recreational and aesthetic (RA) value for a central Texas lake. The model indicates several statistically significant RA characteristics of housing; proximity is the most important. Waterfront properties command a premium, but marginal RA price falls rapidly with increasing distance. Marginal RA values are estimated for selected water levels and are found to have a lower marginal price per acre-foot than many agricultural uses.
Keywords: Demand and Price Analysis; Resource /Energy Economics and Policy (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jlaare:30776
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