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Convergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models

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  • David Wolf
  • Thomas Kemp

Abstract

Budget-constrained environmental agencies across the United States are limited in their ability to monitor water quality changes using traditional in situ sampling. Satellite-based monitoring systems represent a lower-cost alternative. It is unclear, however, how this transition will impact nonmarket valuation estimates of perceived water quality. To answer this question, we merge housing information with Secchi depth and satellite estimates of water clarity from over 100 lakes in Wisconsin. A comparison of hedonic price functions reveals satellite estimates of water clarity provide a stronger statistical fit of housing price and produce implicit prices up to 11% larger in magnitude.

Suggested Citation

  • David Wolf & Thomas Kemp, 2021. "Convergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models," Land Economics, University of Wisconsin Press, vol. 97(1), pages 39-58.
    • Handle: RePEc:uwp:landec:v:97:y:2021:i:1:p:39-58
    Note: DOI: 10.3368/wple.97.1.050819-0062R1
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    File URL: http://le.uwpress.org/cgi/reprint/97/1/39
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    Citations

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    Cited by:

    1. David Wolf & Sathya Gopalakrishnan & H. Allen Klaiber, 2022. "Staying afloat: The effect of algae contamination on Lake Erie housing prices," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(5), pages 1701-1723, October.
    2. Irwin, Nicholas & Wolf, David, 2022. "Time is money: Water quality's impact on home liquidity and property values," Ecological Economics, Elsevier, vol. 199(C).
    3. Wolf, David & Klaiber, H. Allen & Gopalakrishnan, Sathya, 2022. "Beyond marginal: Estimating the demand for water quality," Resource and Energy Economics, Elsevier, vol. 68(C).

    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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