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Chesapeake Bay Hedonic Analysis. Patrick Walsh Charles Griffiths Dennis Guignet Heather Klemick David Simpson US EPA: National Center for Environmental Economics. Introduction. Property Values in the Chesapeake Bay Two main phases First phase: county level analysis in MD along the Bay

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chesapeake bay hedonic analysis

Chesapeake Bay Hedonic Analysis

Patrick Walsh

Charles Griffiths

Dennis Guignet

Heather Klemick

David Simpson

US EPA: National Center for Environmental Economics

introduction
Introduction
  • Property Values in the Chesapeake Bay
    • Two main phases
      • First phase: county level analysis in MD along the Bay
        • Spatial Dependence
        • Multiple indicators of water quality
        • Two stage hedonic analysis
      • Second phase: broader parts of MD, VA, DC, DE.
        • May eventually expend, depending on data availability.
background literature
Background Literature
  • Past hedonic analyses of WQ
    • Brashares (1985)
    • Steinnes (1992)
    • Michael et al. (1996)
    • Boyle et al. (1999)
    • Michael et al. (2000)
    • Boyle and Taylor (2001)
    • Poor et al. (2001)
    • Gibbs et al. (2002)
    • Krysel et al. (2003)
    • Walsh et al. (2011)
  • Hedonic Analyses of WQ in Chesapeake Bay
    • Leggett and Bockstael (2000): Fecal Coliform
    • Poor et al. (2007): “Ambient” water quality : Total Inorganic Nitrogen, TSS
slide4
Data
  • Phase I: MD PropertyView
    • Full set of MD parcels
    • 1996-2011 property sales
    • GIS maps, Land Use Data
  • Phase II: DE, DC, VA
water quality data
Water Quality Data
  • Interpolated WQ data from Chesapeake Bay Program Office
    • 1 km x 1 km cells
      • Multiple Depths
    • TN, TP, TSS, Chl a, DO, Clarity
  • Monitoring Stations
    • ~200 Stations throughout watershed
  • Watershed Model
    • Reach-level: larger segments of rivers/streams
  • Local Data
    • Anne Arundel County Fecal Coliform, beach closures
    • Montgomery County Tree Canopy
  • Link homes to nearest waterbodies via GIS
    • Control for density of water nearby
representing water quality
Representing Water Quality
  • What endpoints do people care about?
    • Policy levers versus perceptions?
      • Objective versus subjective measures
  • Temporal range of indicator
    • Annual value most common
    • Also, trends in WQ
      • Similar to Michael et al. (2000).
  • Later link to survey data.
    • Ask about WQ perceptions
methods
Methods
  • First stage – estimate implicit prices, marginal willingness to pay
  • Second Stage – use implicit prices to estimate demand function
    • Non-marginal benefits
  • Spatial Econometrics to control for spatial dependence
  • Double Counting
benefits
Benefits
  • Projections
    • Future forecasts for interpolated cells
    • Watershed model forecasts (at a less granular level)
  • Use estimated demand function to calculate benefits
extensions
Extensions
  • University of Vermont detailed canopy analysis in Montgomery County
    • Increased tree planting as part of TMDL
  • Pfisteria outbreaks
    • Several highly publicized cases
      • Algae blooms
      • Fish kills
      • Sickness from exposure
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