Value of Disappearing Beaches




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Value of Disappearing Beaches Hedonic model with Endogenous width AERE Session Environmental Applications of Hedonic Methods 84th Western Economics Association International WEAI Annual Meeting July 1 2009 Sathya Gopalakrishnan Martin Smith Jordan Slott Brad Murray Nicholas School of the Environment Duke University Why do we care 90 Sandy beaches in the US face erosion US coastal population increased by over 33 million since 1980 Policy Intervention Beach Nourishment Process of periodically re building the beach by replacing lost sand Source www noaanews noaa gov stories2006 s2622 htm Why do we care What is the value of policy intervention Can shoreline stabilization be sustained Value of beach nourishment capitalized in property value Why do we care What is the value of policy intervention Can shoreline stabilization be sustained Value of beach nourishment capitalized in property value Reliable estimates of value of beach width Value of Beach Width Hedonic Model ln Pi X i Z i di Li i Market price Property attributes Beach attributes Distance Location Specific Dummy Value of Beach Width Hedonic Model ln Pi X i Z i di Li i Market price Property attributes Beach attributes Distance Location Specific Dummy Value of Beach Width Hedonic Model ln Pi X i Z i di Li i Market price Property attributes Beach attributes Distance Location Specific Dummy Endogeneous Beach Width Property Value f Beach Width Beach Width f Nourishment Costs Benefits Property Value Value of Beach Width Hedonic Model ln Pi X i Z i di Li i Market price Property attributes Beach attributes Distance Location Specific Dummy Endogeneous Beach Width Property Value f Beach Width Beach Width f Nourishment Costs Benefits Property Value Instrument for Beach Width Variation in coastal Geo morphology Physical Beach Attributes Value of Beach Width Hedonic Model ln Pi X i Z i di Li i Market price Property attributes Beach attributes Distance Location Specific Dummy Endogeneous Beach Width Property Value f Beach






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