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Migration and hedonic valuation: The case of air quality

Conventional hedonic techniques for estimating the value of local amenities rely on the assumption that households move freely among locations. We show that when moving is costly, the variation in housing prices and wages across locations may no longer reflect the value of differences in local amenities. We develop an alternative discrete-choice approach that models the household location decision directly, and we apply it to the case of air quality in US metro areas in 1990 and 2000. Because air pollution is likely to be correlated with unobservable local characteristics such as economic activity, we instrument for air quality using the contribution of distant sources to local pollution-excluding emissions from local sources, which are most likely to be correlated with local conditions. Our model yields an estimated elasticity of willingness to pay with respect to air quality of 0.34-0.42. These estimates imply that the median household would pay $149-$185 (in constant 1982-1984 dollars) for a one-unit reduction in average ambient concentrations of particulate matter. These estimates are three times greater than the marginal willingness to pay estimated by a conventional hedonic model using the same data. Our results are robust to a range of covariates, instrumenting strategies, and functional form assumptions. The findings also confirm the importance of instrumenting for local air pollution. © 2009 Elsevier Inc. All rights reserved.

The valuation of property investments

In the seventh edition, the book has been updated and revised to reflect changes in the market, the development of appraisal methods and the subsequent changes in professional practice. The intial overview in Part I of the book, The Economic and Legal Framework, has been revisd to show the present position. Changes in appraisal techniques based on the research of the authors have been incorporated in Part II on Investment Valuation. Revisions have also been made in part II, again based on the research activities of the authors, which examines Investment Appraisal.The serves a number of purposes. First, it provides a critical examination of valuation techniques, with particular reference to the investment method of valuation. Second, it supplies practising valuers and appraisers with more effective data, information and techniques to enable them to carry out their valuations, appraisals and negotiations in an increasily competitive field. Finally, it provides assistance to students and academics in understanding the context of and a range of approaches to the valuation and appraisal of property investments. This book has been a key text in property investment appraisal for more than 30 years, it has sold many thousands of copies globally to academics, students and practitioners.

Incorporating ecosystem services in marine planning: The role of valuation

This paper scrutinises the use of ecosystem service valuation for marine planning. Lessons are drawn from the development and use of environmental valuation and cost-benefit analysis for policy-making in the US and the UK. Current approaches to marine planning in both countries are presented and the role that ecosystem service valuation could play in this context is outlined. This includes highlighting the steps in the marine planning process where valuation can inform marine planning and policy-making as well as a discussion of methodological challenges to ecosystem service valuation techniques in the context of marine planning. Recommendations to overcome existing barriers are offered based on the synergies and the thinking in the two countries regarding the application of ecosystem service valuation to marine planning.

Valuation of ecological and amenity impacts of an offshore windfarm as a factor in marine planning

Integrated marine planning, which must take into consideration environmental and social impacts, is being introduced widely in Europe, the USA, Australia and elsewhere. Installation of offshore windfarms creates impacts both on local marine ecosystems and the view of the seascape and is one of multiple activities in the marine area that must be addressed by marine planning. The impacts on people's values (and hence welfare) of changes in ecology and amenity that could arise from the installation of a windfarm in the Irish Sea were assessed using a discrete choice experiment administered through an online survey. The ecological changes investigated were: increased species diversity resulting from artificial reef effects, and the effect of electromagnetic fields from subsea cables on marine life; whilst the amenity change was the visibility of offshore turbines from land. Respondents expressed preferences for ecological improvements but had less clear preferences regarding the height and visibility of the turbines. In particular distance decay effects were observed with respondents further away from the coast being less concerned about visual impact created by offshore turbines. Understanding ecological and amenity impacts and how they are valued by people can support the decisions made within marine planning and licensing.

Integrating methods for ecosystem service assessment and valuation: Mixed methods or mixed messages?

A mixed-method approach was used to assess and value the ecosystem services derived from the Dogger Bank, an extensive shallow sandbank in the southern North Sea. Three parallel studies were undertaken that 1) identified and quantified, where possible, how indicators for ecosystem service provision may change according to two future scenarios, 2) assessed members of the public's willingness-to-pay for improvements to a small number of ecosystem services as a consequence of a hypothetical management plan, and 3) facilitated a process of deliberation that allowed members of the public to explore the uses of the Dogger Bank and the conflicts and dilemmas involved in its management. Each of these studies was designed to answer different and specific research questions and therefore contributes different insights about the ecosystem services delivered by the Dogger Bank. This paper explores what can be gained by bringing these findings together post hoc and the extent to which the different methods are complementary. Findings suggest that mixed-method research brings more understanding than can be gained from the individual approaches alone. Nevertheless, the choice of methods used and how these methods are implemented strongly affects the results obtained.