Evading Invasives: How Eurasian Water-Milfoil Effects the Development of Lakefront Properties

James Goodenberger and Henry Klaiber

No 150309, 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. from Agricultural and Applied Economics Association

Abstract: Eurasian water-milfoil is an aquatic invasive plant that has moved rapidly through lakes across the United States. Along with being a hazard to local ecosystems, water-milfoil is a nuisance to those who use lakes for recreation, and its presence even lowers the value of lakefront properties. Though its effects can cause great disutility to lake users, no empirical studies have emerged that investigate the impacts that Eurasian water-milfoil, or any other invasive species, have on human behavior. This study investigates the effects of Eurasian water-milfoil on the probability that undeveloped lakefront properties are developed into single-family housing units. Using a comprehensive dataset from the Twin Cities, Minnesota region, a proportional hazards duration model of land conversion is estimated with a number of covariates. It is found that undeveloped parcels of land on lakes invaded by Eurasian water-milfoil are 28% less likely to be developed than their counterparts on non-invaded lakes. These results are just the beginning of a new line of research aimed at the interaction of invasive species and human behavior.

Keywords: Environmental Economics and Policy; Land Economics/Use (search for similar items in EconPapers)
Pages: 20
Date: 2013
New Economics Papers: this item is included in nep-env
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea13:150309

DOI: 10.22004/ag.econ.150309

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