The Economic Benefits of Integrating Land and Water Protections
Conway, Amonea Latrice
The overall objective of this study is to evaluate the economic benefits of integrating land and water protection using a revealed preference approach. We used two hedonic specifications to look at the impact of land and water on residential property values. The sample included 323,088 single family home sale transactions within Montana. The data was refined by accommodating for transaction type, time, and attributes to define our empirical framework. The results show that land and water protection have a stronger statistical significant impact on the price of houses near both lakes and river. However, the stronger impact is on lakes than river housing prices. There is a statistically significant increase in residential property value with water and protected land integration for lakes larger than or equal to 4 ha (Model 4) and all lakes and rivers (Model 1). The findings show that integrating water and land protection has the most significant impact on residential property values when analyzing all lake sizes by increasing property values by 41.4% for properties with travel times greater than or equal to 60 minutes to urban areas with at least 20% nearby protected land.
hedonic analysis, water protection, land protection
Conway, A. L. (2022). The economic benefits of integrating land and water protections (Unpublished thesis). Texas State University, San Marcos, Texas.