Numerous nonmarket valuation studies have examined the impacts of environmental commodities on house prices, but little attention has been given to how shifts in these commodities affect the occurrence of home transactions, and the resulting welfare implications. Using a novel theoretical...

Hedonic property value models are often used to place a value on localized amenities and disamenities. In practice, however, results may be affected by (i) omitted variable bias and (ii) whether homebuyers and sellers are aware of, and respond to, the assumed environmental measure. In this paper...

Petroleum from leaking underground storage tanks (LUSTs) can contaminate local soil and surface and groundwater. This can pose health risks to the surrounding population. Focusing on single family home sales from 1996 to 2007 in three Maryland Counties, we use a hedonic house price model and a...

Hedonic property value methods are an attractive non-market valuation technique. In practice, however, researchers are often forced to make untested assumptions regarding the public's perceptions of the environmental commodity being studied. Stated preference methods offer an opportunity to...

Policy has increasingly shifted towards economic incentives and liability attenuation for promoting cleanup and redevelopment of contaminated sites, but little is known about the effectiveness of such policies. An example of such legislation is State Voluntary Cleanup Programs (VCPs), which were...

Hedonic property value models are widely used, but are susceptible to omitted variable bias and potentially invalid conjectures regarding the assumed measure of environmental quality. This paper focuses on an application where both are of particular concern: leaking underground storage tanks. I...

Petroleum from leaking underground storage tanks (LUSTs) can contaminate local soil, and surface and groundwater. In some cases this can pose health risks to the surrounding population. Focusing on single family home sales from 1996-2007 in three Maryland counties, we use a hedonic house price...

The purpose of this research effort is to examine the feasibility of designing a stated preference instrument to elicit the public’s willingness-to-pay (WTP) for remediation of leaking underground storage tank (LUST) sites (or perhaps prevention of releases). Nearly 500,000 releases have been...

Hedonic property value models are widely used but are susceptible to potentially invalid conjectures based on the assumed measure of environmental quality. This paper focuses on an application where this is of particular concern: leaking underground storage tanks. I estimate a hedonic model...