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Information and Bargaining in Markets for Environmental Quality

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  • Diane Hite

Abstract

This paper explores the role of information on residential real estate prices. Housing transactions from 1990 formed the sample frame for surveying home buyers on their knowledge of local environmental disamenities, both at the time their homes were purchased, and when the survey was conducted. Of particular interest was home buyers' knowledge of nearby landfill sites. Because of clustering of survey responses, a sample selection model that combines transaction data with 1990 census micro data was used. The results suggest that home buyers are poorly informed about disamenities, and that those who are informed bid down the price of a home.

Suggested Citation

  • Diane Hite, 1997. "Information and Bargaining in Markets for Environmental Quality," Land Economics, University of Wisconsin Press, vol. 73(3), pages 303-316.
    • Handle: RePEc:uwp:landec:v:73:y:1997:i:3:p:303-316
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    Cited by:

    1. David M. Brasington & Diane Hite, 2005. "Demand for Environmental Quality: A Spatial Hedonic Approach," Departmental Working Papers 2005-08, Department of Economics, Louisiana State University.
    2. Brasington, David M. & Hite, Diane, 2005. "Demand for environmental quality: a spatial hedonic analysis," Regional Science and Urban Economics, Elsevier, vol. 35(1), pages 57-82, January.
    3. Andres Jauregui & Diane Hite, 2010. "The impact of real estate agents on house prices near environmental disamenities," Housing Policy Debate, Taylor & Francis Journals, vol. 20(2), pages 295-316, March.
    4. Mario du Preez & Mehmet Balcilar & Aarifah Razak & Steven F. Koch & Rangan Gupta, 2014. "House Values and Proximity to a Landfill: A Quantile Regression Framework," Working Papers 201442, University of Pretoria, Department of Economics.
    5. John I. Carruthers & David E. Clark, 2010. "Valuing Environmental Quality: A Space‐Based Strategy," Journal of Regional Science, Wiley Blackwell, vol. 50(4), pages 801-832, October.
    6. Hite, Diane, 2000. "Information Impacts On Stated Vs. Revealed Preference Valuation Of Environmental Quality," 2000 Annual meeting, July 30-August 2, Tampa, FL 21791, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. David M. Brasington & Diane Hite, 2014. "School Choice: Supporters And Opponents," Contemporary Economic Policy, Western Economic Association International, vol. 32(1), pages 76-92, January.
    8. Andres Jauregui & Alan Tidwell & Diane Hite, 2017. "Sample Selection Approaches to Estimating House Price Cash Differentials," The Journal of Real Estate Finance and Economics, Springer, vol. 54(1), pages 117-137, January.
    9. Ham, Yun-Ju & Maddison, David J. & Elliott, Robert J.R., 2013. "The valuation of landfill disamenities in Birmingham," Ecological Economics, Elsevier, vol. 85(C), pages 116-129.
    10. Bouvier, Rachel A. & Halstead, John M. & Conway, Karen S. & Manalo, Alberto B., 2000. "The Effects of Landfills on Rural Residential Property Values: Some Empirical Evidence," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 30(2), pages 1-15.
    11. Diane Hite, 2009. "Factors Influencing Differences between Survey and Market-based Environmental Value Measures," Urban Studies, Urban Studies Journal Limited, vol. 46(1), pages 117-138, January.
    12. Darren Hudson & Lee-Hong Seah & Diane Hite & Tim Haab, 2004. "Telephone presurveys, self-selection, and non-response bias to mail and Internet surveys in economic research," Applied Economics Letters, Taylor & Francis Journals, vol. 11(4), pages 237-240.
    13. Richard C. Ready, 2010. "Do Landfills Always Depress Nearby Property Values?," Journal of Real Estate Research, American Real Estate Society, vol. 32(3), pages 321-340.

    More about this item

    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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