Chesapeake bay hedonic analysis
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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

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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


Chesapeake bay hedonic analysis

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


Thank you

Thank You


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