Variable | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|

Waterfront^{a} | 0.1457^{***}(0.046) | 0.0170 (0.023) | −0.0677 (0.052) | 0.1010^{**}(0.039) | −0.1126 (0.086) | 0.1251^{***}(0.042) |

Midwest^{a} | −0.1056 (0.087) | −0.1488^{*}(0.082) | −0.2059 (0.132) | −0.2561^{***}(0.096) | −0.3156^{***}(0.116) | |

South^{a} | −0.2248^{***}(0.076) | −0.2797^{***}(0.084) | −0.3209^{*}(0.171) | −0.2889^{***}(0.108) | −0.3945^{***}(0.131) | |

West^{a} | −0.1803 (0.120) | −0.1803 (0.121) | −0.1747 (0.147) | −0.3745^{**}(0.180) | −0.3772^{**}(0.174) | |

Estuary^{a} | −0.0401^{**}(0.016) | −0.1223^{***}(0.039) | ||||

Waterfront × estuary | 0.1274^{**}(0.055) | 0.1721^{*}(0.088) | ||||

Mean clarity | 0.0375 (0.030) | 0.0799^{**}(0.035) | ||||

Waterfront × mean clarity | −0.0684^{**}(0.029) | −0.1061^{**}(0.050) | ||||

Elasticity variance | 8.97E-07^{***}(1.52E-07) | 6.26E-07^{**}(2.56E-07) | 6.26E-07^{**}(2.57E-07) | 5.10E-07 (3.30E-07) | 6.02E-07^{**}(2.56E-07) | 5.02E-07 (3.65E-07) |

Time trend | 0.0183^{***}(0.006) | 0.0223^{***}(0.006) | ||||

Linear-log^{a} | 0.1973 (0.161) | 0.1987 (0.159) | ||||

Linear^{a} | 0.2198^{**}(0.086) | 0.1159 (0.083) | ||||

Log-linear^{a} | −0.0020 (0.008) | −0.0059 (0.008) | ||||

Constant | 0.0414^{*}(0.021) | 0.2474^{***}(0.077) | 0.3320^{***}(0.090) | 0.3092^{*}(0.182) | 0.1681 (0.122) | 0.0493 (0.180) |

Observations | 260 | 260 | 260 | 260 | 260 | 260 |

Adjusted R-squared | 0.080 | 0.148 | 0.148 | 0.156 | 0.170 | 0.176 |

*Note:*The dependent variable is the home price elasticity with respect to water clarity (Secchi disk depth). Clustered-robust standard errors are in parentheses and are clustered according to the K = 66 study-housing market combinations. Weighted least squares regressions are estimated using the “regress” routine in Stata 16 and defining analytical weights equal to the variance-adjusted cluster weights (see equation [3]).↵a Independent variables that are dummy variables.

↵*

*p*< 0.1;↵**

*p*< 0.05;↵***

*p*< 0.01;