Environmental Amenities as a Source of Market Power

Laura Osborne Taylor · V. Kerry Smith

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Housing Market and Economics Consumer Market Behavior and Pricing Economic and Environmental Valuation

Abstract

Site-specific environmental amenities can provide a source of product-differentiating market power. Using estimates from hedonic-price equations and residual-demand models, our analysis recovers firm-specific estimates of price markups as measures of market power, and uses these markups to estimate the implied marginal value for access to coastal beaches. The application involves rental price and occupancy data for several thousand beach properties along a portion of the North Carolina coastline during the 1987 to 1992 rental seasons.

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References

1988The Theory of Industrial Organization 1995Automobile Prices in Market Equilibrium 1978MODELING THE CHOICE OF RESIDENTIAL LOCATION 1992Discrete Choice Theory of Product Differentiation 1989Chapter 17 Empirical studies of industries with market power 1988On the Choice of Funtional Form for Hedonic Price Functions 1978Superlative Index Numbers and Consistency in Aggregation 1982The estimation of the degree of oligopoly power

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2012On the relationship between quality, users’ perception and economic valuation in NW Mediterranean beaches

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