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Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis

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  • Lansford, Notie H., Jr.
  • Jones, Lonnie L.

Abstract

Historically, water allocation focused on quantities demanded by consumptive uses. As quantity demand grows, efficient allocation among consumptive and nonconsumptive uses becomes more critical. This hedonic approach provides information regarding recreational and aesthetic (RA) value for a central Texas lake. The model indicates several statistically significant RA characteristics of housing; proximity is the most important. Waterfront properties command a premium, but marginal RA price falls rapidly with increasing distance. Marginal RA values are estimated for selected water levels and are found to have a lower marginal price per acre-foot than many agricultural uses.

Suggested Citation

  • Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(2), pages 1-15, December.
    • Handle: RePEc:ags:jlaare:30776
    DOI: 10.22004/ag.econ.30776
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    References listed on IDEAS

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