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BENEFITS OF HAZARDOUS WASTE CLEANUP: NEW EVIDENCE FROM SURVEY‐ AND MARKET‐BASED PROPERTY VALUE APPROACHES
Author(s) -
CHATTOPADHYAY SUDIP,
BRADEN JOHN B.,
PATUNRU ARIANTO
Publication year - 2005
Publication title -
contemporary economic policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.454
H-Index - 49
eISSN - 1465-7287
pISSN - 1074-3529
DOI - 10.1093/cep/byi027
Subject(s) - superfund , property value , hazardous waste , discrete choice , value (mathematics) , survey data collection , economics , market value , value capture , government (linguistics) , property tax , econometrics , public economics , finance , waste management , engineering , tax reform , industrial organization , mathematics , statistics , linguistics , philosophy , real estate , value creation
This article compares the discrete choice random utility model and the hedonic property value model in estimating the benefits of cleaning up Waukegan Harbor, a Superfund site on the Great Lakes. The study uses survey‐based conjoint choice data on housing preferences and market data on housing transactions. The research finds that the benefit estimates for different levels of cleanup are quite comparable between the models. The estimates compare very well with those of some previous studies. The results of the study suggest that tax increment financing by the local government is a feasible option to fund cleanup.