Hedonic Studies: Valuing Environmental Amenities in Northern New York
by Tuttle, Carrie M., Ph.D., CLARKSON UNIVERSITY, 2011, 164 pages; 3491130

Abstract:

This dissertation explores three environmental policy issues affecting Northern New York. Chapter 1 provides an introduction to the specific topics discussed in this dissertation. In Chapter 2, the impact of commercial wind power facilities on property values in Clinton, Franklin and Lewis counties are addressed using 11,331 transactions over nine years. A fixed effects framework controls for omitted variables and endogeneity biases. This research shows that nearby wind facilities reduce property values in two of the three counties studied, indicating that existing compensation schemes may not be sufficient to prevent a loss. Chapter 3 uses 14,929 transactions to explore how property owners value lake water quality using fixed effects hedonic analysis. This issue is concerning for the region since surface water quality is threatened by acid and mercury deposition. Results show that multiple measures of water quality have significant effects on property values including lake acidity, clarity, and impairment classification. Furthermore, the presence of loons and fish on the nearest lake positively impacts property values by 9% and 6%, respectively. This research helps quantify pollution impacts and could be used to justify additional Clean Air Act regulations that would benefit the Park. The last chapter explores the effects of the Adirondack Park Agency's land use plan that was developed in 1973 to protect sensitive environmental areas. Results of hedonic modeling and propensity score matching, applied to 88,610 transactions, show that lands in the Park classified for moderate intensity use sell at a premium while lands in more restrictive classes are discounted. There is also evidence that land use restrictions provide additional protection from human impacts, and that decreasing human impacts, proximity to forests and lakes all increase property values.

 
AdviserMartin D. Heintzelman
SchoolCLARKSON UNIVERSITY
SourceDAI/A 73-05, p. , Feb 2012
Source TypeDissertation
SubjectsAlternative energy; Environmental economics; Environmental justice; Environmental science; Energy
Publication Number3491130
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