Valuing Environmental Quality: A Space-Based Strategy
David Clark ()
No 702, Working Papers and Research from Marquette University, Center for Global and Economic Studies and Department of Economics
This paper develops and applies a space-based strategy for overcoming the general problem of getting at the demand for non-market goods. It focuses specifically on evaluating one form of environmental quality, distance from EPA designated environmental hazards, via the single-family housing market in the Puget Sound region of Washington State. A spatial two stage hedonic price analysis is used to: (1) estimate the marginal implicit price of distance from air release sites, hazardous waste generators, hazardous waste handlers, superfund sites, and toxic release sites; and (2) estimate a series of demand functions describing the relationship between the price of distance and the quantity consumed. The analysis, which represents a major step forward in the valuation of environmental quality, reveals that the information needed to identify second-stage demand functions is hidden right in plain site ï¿½ hanging in the aether of the regional housing market.
Keywords: Environmental Quality; Hedonic Price Analysis (search for similar items in EconPapers)
JEL-codes: Q53 R21 (search for similar items in EconPapers)
Pages: 37 pages
New Economics Papers: this item is included in nep-agr, nep-env, nep-geo and nep-ure
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http://www.busadm.mu.edu/mrq/workingpapers/wpaper0702.pdf First Version, 2007-02 (application/pdf)
Journal Article: VALUING ENVIRONMENTAL QUALITY: A SPACE‐BASED STRATEGY* (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:mrq:wpaper:0702
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