Degree Year

2015

Document Type

Thesis

Degree Name

Bachelor of Arts

Department

Economics

Committee Member(s)

Barbara Craig, Chair

Keywords

Hedonic model, Water level, Beach availability, Milwaukee

Abstract

Previous hedonic pricing models have studied in depth the aesthetic value of views, as well as the recreational value of proximity to waterfronts. This study examines the same proximity and aesthetic effects in Milwaukee, Wisconsin, and builds in the effect of changing water levels and beach availability on those implicit values. Results indicate that aesthetic effects of living adjacent to the waterfront, as well as proximity, are insignificant. Water levels are negatively correlated with home prices, but this effect is not magnified or dimmed for waterfront homes. Beach availability has an ambiguous effect on home prices; statistical significance was found to be positive and negative depending on the specification.

Included in

Economics Commons

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