Bachelor of Arts
Lorain County, Black River, Clean-up, Environmental, Property, Values, Ohio
In my experiment, I am trying to find the value, to Lorain County property owners, of cleaning up the Black River which runs through Lorain County. This study involves a number of property variables, a number of neighborhood variables, and the environmental variables. The hedonic price function takes this general form:
Property Price = c + β1Property Characteristics + β2Neighborhood Characteristics + β3Environmentai Characteristics + u.
This equation says that the price of a piece of property is a function of several things: the characteristics of the property, the characteristics of the neighborhood it's in, and the characteristics of the environment. The slope coefficients β1, β2, and β3 are the hedonic prices of the property, neighborhood, and environmental characteristics, respectively. u represents the combined effect of all the housing characteristics about which I have no information.
Aronow, Emily, "Environmental Clean-Up and Property Price Change" (1999). Honors Papers. 518.