Local Willingness-to-Pay Estimates for the Remediation of the Sydney Tar Ponds in Nova Scotia

Paul Missios, Ida Ferrara and Stephen McComb

No 9, Working Papers from Toronto Metropolitan University, Department of Economics

Abstract: The Sydney Tar Ponds and Coke Ovens site in Nova Scotia, Canada, is among the most toxic hazardous waste sites in North America. This study presents hedonic estimates of the willingness-to-pay for remediation of the site using housing sales data from urban Sydney. Negative impacts are estimated with a maximum likelihood spatial autoregressive model of property values. Premiums on homes farther from the site are found to be substantial, and, when aggregated into a community willingness-to-pay measure ($169.2 million), cover a large proportion of the estimated remediation costs.

Keywords: Hedonic model; property values; spatial regression; toxic waste; hazardous site; Canada (search for similar items in EconPapers)
JEL-codes: Q51 Q52 Q53 Q58 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2009-10
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https://www.arts.ryerson.ca/economics/repec/pdfs/wp009.pdf (application/pdf)

Related works:
Journal Article: Local Willingness-to-Pay Estimates for the Remediation of the Sydney Tar Ponds in Nova Scotia (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:rye:wpaper:wp009

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