EconPapers    
Economics at your fingertips  
 

The Implicit Price of Aquatic Grasses

Dennis Guignet, Charles Griffiths (), Heather Klemick () and Patrick Walsh ()

Marine Resource Economics, 2017, vol. 32, issue 1, 21 - 41

Abstract: Submerged aquatic vegetation (SAV) in the Chesapeake Bay is well below half of its historic levels, largely due to excessive nutrient and sediment loads degrading water quality. SAV provides important ecosystem functions, many of which are beneficial to local residents. To understand the implicit value residents place on SAV and the ecosystem services it provides, we undertake a hedonic property value study using residential transactions in 11 Maryland counties adjacent to the Chesapeake Bay. These data are matched to high-resolution maps of SAV coverage. We pose a quasi-experimental comparison and examine how the prices of homes near the waterfront vary with the presence of SAV. On average, waterfront and near-waterfront homes within 200 meters of the shore sell at about a 6.5% premium when SAV is present. Applying these estimates to the 185,000-acre SAV attainment goal suggests total property value gains on the order of $436 million.

Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.1086/689201 (application/pdf)
http://dx.doi.org/10.1086/689201 (text/html)
Access to the online full text or PDF requires a subscription.

Related works:
Working Paper: The Implicit Price of Aquatic Grasses (2014) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:mresec:doi:10.1086/689201

Access Statistics for this article

More articles in Marine Resource Economics from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().

 
Page updated 2019-07-22
Handle: RePEc:ucp:mresec:doi:10.1086/689201