Estimating the Demand for Air Quality: New Evidence Based on the Chicago Housing Market

Sudip Chattopadhyay

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Economic and Environmental Valuation Housing Market and Economics Environmental and Air Quality Management

Abstract

This paper combines a new, large household-level data set with the two-stage hedonic- estimation technique to derive new estimates of willingness to pay (WTP) for reduced air pollution. The WTP estimates are found robust against functional-form specification. Marginal WTP estimates for a reduction in particulate matter (PM-10) are found to be quite comparable with some previous estimates. Benefits of nonmarginal changes exhibit consistently higher monetary returns in the case of PM-10 than in the case of SO2, signifying that households dislike particulate pollution more than they do sulfur.

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References

1978Hedonic housing prices and the demand for clean air 1969The Effects of Property Taxes and Local Public Spending on Property Values: An Empirical Study of Tax Capitalization and the Tiebout Hypothesis 1987Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products 1981Choice of functional form for hedonic price equations 1991The Structure of Local Public Finance and the Quality of Life 1987The Estimation of Demand Parameters in Hedonic Price Models 1984Estimating the Demand for the Characteristics of Housing 1982On the Estimation of Structural Hedonic Price Models

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2017Estimating the General Equilibrium Benefits of Large Changes in Spatially Delineated Public Goods *2017Valuing Air Quality Using Happiness Data: The Case of China 2009Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values 1999Estimating the Demand for Protecting Freshwater Lakes from Eutrophication 2002Interjurisdictional housing prices in locational equilibrium

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