Pub Date : 2023-10-16DOI: 10.3368/le.100.2.071522-0056r
Tom Gillespie, Ronan C. Lyons, Stephen Hynes
Abstract
This paper develops a novel measure of sea-view breadth and depth, based on a combination of GIS 3D simulation and Natural Language Processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. It then estimates the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014-2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.
{"title":"The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing","authors":"Tom Gillespie, Ronan C. Lyons, Stephen Hynes","doi":"10.3368/le.100.2.071522-0056r","DOIUrl":"https://doi.org/10.3368/le.100.2.071522-0056r","url":null,"abstract":"<h3>Abstract</h3> This paper develops a novel measure of sea-view breadth and depth, based on a combination of GIS 3D simulation and Natural Language Processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. It then estimates the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014-2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136112253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-16DOI: 10.3368/le.100.2.111422-0097r
Charles Sims, Ben Blachly, Travis Warziniack
Abstract
An unanswered question in conservation economics is how to leverage impact investing for the provision of ecosystem services. We develop and apply a general conceptual model of a diversified ecosystem service portfolio to highlight two key insights about which ecosystem services will attract impact investing. First, generating a positive expected return via markets or payments for ecosystem services is a necessary but not sufficient condition to elicit impact investment in ecosystem services. Second, ecosystem services can exhibit a novel diversification value that increases the value of the ecosystem service asset to an institutional investor.
{"title":"Will Ecosystem Services Attract Investors?","authors":"Charles Sims, Ben Blachly, Travis Warziniack","doi":"10.3368/le.100.2.111422-0097r","DOIUrl":"https://doi.org/10.3368/le.100.2.111422-0097r","url":null,"abstract":"<h3>Abstract</h3> An unanswered question in conservation economics is how to leverage impact investing for the provision of ecosystem services. We develop and apply a general conceptual model of a diversified ecosystem service portfolio to highlight two key insights about which ecosystem services will attract impact investing. First, generating a positive expected return via markets or payments for ecosystem services is a necessary but not sufficient condition to elicit impact investment in ecosystem services. Second, ecosystem services can exhibit a novel diversification value that increases the value of the ecosystem service asset to an institutional investor.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136112251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.3368/le.100.2.052521-0054r2
Frank Jensen, Lars Gårn Hansen, Rasmus Nielsen
Abstract
Theoretical papers show that there could be a welfare gain from switching to tax regulation if managers are more uncertain about key parameters of a fishery than fishermen. We estimate the size of the welfare gain that would result if a manager of the Danish cod fishery in the Kattegat switched from the current individual transferable quota system to tax regulation. We find that this would generate a small welfare gain of 0.023% of the industry profit and variations in parameter values (+/- 20 %) at most result in a gain of 0.029%
{"title":"A Welfare Gain from Switching to Taxes? The Danish Cod Fishery in the Kattegat","authors":"Frank Jensen, Lars Gårn Hansen, Rasmus Nielsen","doi":"10.3368/le.100.2.052521-0054r2","DOIUrl":"https://doi.org/10.3368/le.100.2.052521-0054r2","url":null,"abstract":"<h3>Abstract</h3> Theoretical papers show that there could be a welfare gain from switching to tax regulation if managers are more uncertain about key parameters of a fishery than fishermen. We estimate the size of the welfare gain that would result if a manager of the Danish cod fishery in the Kattegat switched from the current individual transferable quota system to tax regulation. We find that this would generate a small welfare gain of 0.023% of the industry profit and variations in parameter values (+/- 20 %) at most result in a gain of 0.029%","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"104 7-8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135815349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.3368/le.100.2.122920-0192r1
Ashley Lowe Mackenzie, Steven J. Dundas, Bo Zhao
Abstract
Public lands in the United States have recently experienced significant increases in visitation. Journalists and park managers suggest Instagram as a reason for the increase. We explore this issue in the Oregon State Park system by combining visitation data with park-specific georeferenced content and engagement indicators from Instagram. Using several empirical specifications, we show suggestive evidence that Instagram is not likely correlated to increased visitation everywhere, but only in a few locations generating high user participation within the app. We find no contemporary effect and a positive association with cumulative Instagram engagement indicators on visits at this subset of parks.
{"title":"The Instagram Effect: Is Social Media Influencing Visitation to Public Land?","authors":"Ashley Lowe Mackenzie, Steven J. Dundas, Bo Zhao","doi":"10.3368/le.100.2.122920-0192r1","DOIUrl":"https://doi.org/10.3368/le.100.2.122920-0192r1","url":null,"abstract":"<h3>Abstract</h3> Public lands in the United States have recently experienced significant increases in visitation. Journalists and park managers suggest Instagram as a reason for the increase. We explore this issue in the Oregon State Park system by combining visitation data with park-specific georeferenced content and engagement indicators from Instagram. Using several empirical specifications, we show suggestive evidence that Instagram is not likely correlated to increased visitation everywhere, but only in a few locations generating high user participation within the app. We find no contemporary effect and a positive association with cumulative Instagram engagement indicators on visits at this subset of parks.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135815329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.3368/le.100.2.121422-0103r1
Trung V. Vu
Abstract
This article establishes empirically that a persistent culture of “rugged individualism”, captured by exposure to the American westward-moving frontier from 1790 to 1890, undermines pro-climate perceptions, environmental performance, and climate change preparedness across counties in the United States. It also demonstrates that individualism is associated with environmental underperformance at the state level, making it more difficult to mitigate the far-reaching consequences of changing climate conditions. To establish external validity of the subnational evidence, I employ a global sample of up to 97 countries and provide suggestive evidence that individualism creates barriers to climate change responses worldwide.
{"title":"Individualism and collective responses to climate change","authors":"Trung V. Vu","doi":"10.3368/le.100.2.121422-0103r1","DOIUrl":"https://doi.org/10.3368/le.100.2.121422-0103r1","url":null,"abstract":"<h3>Abstract</h3> This article establishes empirically that a persistent culture of “rugged individualism”, captured by exposure to the American westward-moving frontier from 1790 to 1890, undermines pro-climate perceptions, environmental performance, and climate change preparedness across counties in the United States. It also demonstrates that individualism is associated with environmental underperformance at the state level, making it more difficult to mitigate the far-reaching consequences of changing climate conditions. To establish external validity of the subnational evidence, I employ a global sample of up to 97 countries and provide suggestive evidence that individualism creates barriers to climate change responses worldwide.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135814271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.3368/le.100.2.040320-0048r1
Ewa Zawojska, Malte Welling, Julian Sagebiel
Abstract
Stated preference studies increasingly elicit respondents’ perceptions about survey consequentiality to mitigate hypothetical bias concerns and enhance validity of value estimates. A typical practice is to ask about these perceptions after preferences. We examine the sensitivity of the perceptions, willingness-to-pay estimates, and the relationship between them to the perception elicitation location in a discrete choice experiment survey. Our empirical results suggest that the location matters: the perceptions and willingness-to-pay values are affected. In our data, the self-reported consequentiality is stronger when elicited before, rather than after, the preferences. We discuss implications of the findings for elicitation of perceived consequentiality.
{"title":"Effects of Varying the Location of Perceived Consequentiality Elicitation in a Discrete Choice Experiment Survey","authors":"Ewa Zawojska, Malte Welling, Julian Sagebiel","doi":"10.3368/le.100.2.040320-0048r1","DOIUrl":"https://doi.org/10.3368/le.100.2.040320-0048r1","url":null,"abstract":"<h3>Abstract</h3> Stated preference studies increasingly elicit respondents’ perceptions about survey consequentiality to mitigate hypothetical bias concerns and enhance validity of value estimates. A typical practice is to ask about these perceptions after preferences. We examine the sensitivity of the perceptions, willingness-to-pay estimates, and the relationship between them to the perception elicitation location in a discrete choice experiment survey. Our empirical results suggest that the location matters: the perceptions and willingness-to-pay values are affected. In our data, the self-reported consequentiality is stronger when elicited before, rather than after, the preferences. We discuss implications of the findings for elicitation of perceived consequentiality.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135815347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Brandon C. Koford, Glenn C. Blomquist, David M. Hardesty, Kenneth R. Troske, Margaret Hughes-Morgan, Fred Morgan
In the article “Estimating Consumer Willingness to Supply and Willingness to Pay for Curbside Recycling” published in the November 2012 issue of Land Economics (vol. 88 [4]: 745–63), Margaret Hughes-Morgan and Fred Morgan were inadvertently omitted as coauthors. The correction has been made in
{"title":"Estimating Consumer Willingness to Supply and Willingness to Pay for Curbside Recycling","authors":"Brandon C. Koford, Glenn C. Blomquist, David M. Hardesty, Kenneth R. Troske, Margaret Hughes-Morgan, Fred Morgan","doi":"10.3368/le.99.4.iii","DOIUrl":"https://doi.org/10.3368/le.99.4.iii","url":null,"abstract":"In the article “Estimating Consumer Willingness to Supply and Willingness to Pay for Curbside Recycling” published in the November 2012 issue of Land Economics (vol. 88 [4]: 745–63), Margaret Hughes-Morgan and Fred Morgan were inadvertently omitted as coauthors. The correction has been made in","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135059344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-18DOI: 10.3368/le.100.1.102322-0093r
Zeying Huang, M. Skidmore
{"title":"The Impacts of Wildfires and Wildfire-induced Air Pollution on House Prices in the United States","authors":"Zeying Huang, M. Skidmore","doi":"10.3368/le.100.1.102322-0093r","DOIUrl":"https://doi.org/10.3368/le.100.1.102322-0093r","url":null,"abstract":"","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42712466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-18DOI: 10.3368/le.100.1.101922-0081r
Saleh Mamun, Erik Nelson, C. Nolte
We used the quasi-experimental difference-in-differences method to estimate the impact that the Endangered Species Act’s (ESA’s) critical-habitat (CH) regulation had on developed and undeveloped parcel prices throughout the United States between 2000 and 2019. At the national level we find that, on average, the prices of parcels in CH areas were not statistically different from the prices of similar nearby parcels not in CH. However, limiting our analysis to specific subsets of CH areas, we find mixed results. Previous empirical estimates have consistently found that the regulation reduces parcel prices. We offer several potential explanations for our contradictory results. (JEL Q24, Q57)
{"title":"Estimating the Impact of Critical-Habitat Designation on the Values of Developed and Undeveloped Parcels","authors":"Saleh Mamun, Erik Nelson, C. Nolte","doi":"10.3368/le.100.1.101922-0081r","DOIUrl":"https://doi.org/10.3368/le.100.1.101922-0081r","url":null,"abstract":"We used the quasi-experimental difference-in-differences method to estimate the impact that the Endangered Species Act’s (ESA’s) critical-habitat (CH) regulation had on developed and undeveloped parcel prices throughout the United States between 2000 and 2019. At the national level we find that, on average, the prices of parcels in CH areas were not statistically different from the prices of similar nearby parcels not in CH. However, limiting our analysis to specific subsets of CH areas, we find mixed results. Previous empirical estimates have consistently found that the regulation reduces parcel prices. We offer several potential explanations for our contradictory results. (JEL Q24, Q57)","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42124930","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-18DOI: 10.3368/le.100.1.102222-0092r
Rebecca Fraenkel, Josh Graff-Zivin, Sam Krumholz
Abstract
From 2005–2020, one-third of US coal plants had at least one coal-fired generator close. We utilize this natural experiment to estimate the effect of coal plant exposure on mortality and house values. Using a difference-in-differences design, we find that counties within 30 miles of a closing unit experience large health effects following shutdown. While these health improvements appear to capitalize into housing values, they only do so within 15 miles of the plant and only when the retirement is of all units. Taken together, these results underscore the importance of risk salience in shaping market-mediated price effects.
{"title":"The Coal Transition and Its Implications for Health and Housing Values","authors":"Rebecca Fraenkel, Josh Graff-Zivin, Sam Krumholz","doi":"10.3368/le.100.1.102222-0092r","DOIUrl":"https://doi.org/10.3368/le.100.1.102222-0092r","url":null,"abstract":"<h3>Abstract</h3> From 2005–2020, one-third of US coal plants had at least one coal-fired generator close. We utilize this natural experiment to estimate the effect of coal plant exposure on mortality and house values. Using a difference-in-differences design, we find that counties within 30 miles of a closing unit experience large health effects following shutdown. While these health improvements appear to capitalize into housing values, they only do so within 15 miles of the plant and only when the retirement is of all units. Taken together, these results underscore the importance of risk salience in shaping market-mediated price effects.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136019763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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