RT Journal Article
SR Electronic
T1 Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 482
OP 493
DO 10.2307/3146935
VO 77
IS 4
A1 Poor, P. Joan
A1 Boyle, Kevin J.
A1 Taylor, Laura O.
A1 Bouchard, Roy
YR 2001
UL http://le.uwpress.org/content/77/4/482.abstract
AB This paper examines and compares objective, scientific measures of environmental quality with subjective measures of individuals’ perceptions obtained from survey information within the context of hedonic property value models. The specific application is to water clarity of freshwater lakes in Maine. Non-nested, J-test results indicate that the objective measure of water clarity was either preferred, or equally preferred, to the subjective measure for explaining variation in sale prices. These results are promising for hedonic applications employing scientific measures of environmental quality, however robustness of these results to other environmental amenities, and more complex environmental quality measuresare of course needed. (JEL Q25)