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Estimating the Demand for Groundwater: A Second-stage Hedonic Land Price Analysis for the Lower Mississippi River Alluvial Plain, Arkansas

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  • Kovacs, Kent
  • Rider, Shelby

Abstract

We estimate the benefits of the saturated thickness (water-bearing porous material) of the alluvial aquifer in Arkansas through an application of the hedonic price model to the sale of agricultural land. There is evidence from the first-stage analysis of diminishing returns from increasing saturated thickness. Using a survey of farmer operators’ preferences and socioeconomic characteristics, we recover the underlying demand function for saturated thickness in a second-stage analysis. Shifts in the demand function reveal that produced/social capital can be a substitute or a complement to saturated thickness, and human capital is a substitute for saturated thickness.

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  • Kovacs, Kent & Rider, Shelby, 2023. "Estimating the Demand for Groundwater: A Second-stage Hedonic Land Price Analysis for the Lower Mississippi River Alluvial Plain, Arkansas," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 55(1), pages 194-216, February.
    • Handle: RePEc:cup:jagaec:v:55:y:2023:i:1:p:194-216_11
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