hedonic pricing method

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hedonic pricing method
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• Chauncey (Athens County)

• Haydenville (Hocking County)

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Why Chauncey and Haydenville were chosen

• They were both located on the Hocking River
• They were both site of strip mines
• Chauncey was located downstream after passing
  though other mines and wanted to compare to see
  if the housing value was lower downstream
• They were similar in size and housing

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Property cards
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• Lnvalue a ß1Numroomsß2SqFtß3Riverdistanceß4Ba
  sementß5Bathroomsß6Atticß7Ageß8storiesß9Hocki
  ngcountyß10Athenscounty

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• Ln assessed value of the property
• a intercept term
• ß1 number of rooms in the house
• ß2 number of square feet in the house
• ß3 distance form the property to the river
• ß4 if parcel has basement 1, if not 0
• ß5 number of bathrooms
• ß6 if parcel has attic 1,if not 0
• ß7 age of house
• ß8 number of stories
• ß9 if parcel is in Hocking County 1, if not 0
• ß10 if parcel is in Athens County 1, if not 0

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Data collection method

• the houses surveyed will be every 5th house, to
  gain a variety of respondents
• to prevent double counting with the Travel cost
  method and CVM, the CVM will be handed out to
  every 6th house and the Travel cost respondents
  will be contacted at the loading docks and parks
  along the river to try to prevent double counting

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Muskingum comparison

• Resulting land values are expected to improve
  with the recovery of the strip mine areas, as the
  water quality would be improved
• If the Muskingum studys results are consistent,
  the land value could increase by as much as 8,
  bearing in mind that this would be an upper bound
  estimate

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