DOES SMALL DAM REMOVAL AFFECT LOCAL PROPERTY VALUES? AN EMPIRICAL ANALYSIS

This paper uses hedonic analysis to examine the impact of small dam removal on property values in south-central Wisconsin. Data on residential property sales were obtained for three categories of sites: those where a small dam remains intact, those where a small dam was removed, and those where a river or stream has been free-flowing for at least 20 yr. The primary conclusions that emerge from the data are that shoreline frontage along small impoundments confers no increase in residential property value compared to frontage along free-flowing streams and that nonfrontage residential property located in the vicinity of a free-flowing stream is more valuable than similar nonfrontage property in the vicinity of a small impoundment. ( JEL Q2, Q25, Q5, Q51)     

LEARNING IN A HEDONIC FRAMEWORK: VALUING BROWNFIELD REMEDIATION

Incomplete information in property value hedonic models can bias estimates of marginal willingness to pay (MWTP). Using brownfield remediation as an application, this article recovers hedonic values from a dynamic neighborhood choice framework that allows households to learn about brownfield contamination in a Bayesian fashion before choosing where to live. I find that ignoring learning yields nontrivial biases to the MWTP estimate. This has important implications for hedonic valuation if agents are imperfectly informed. Estimates are used to calculate information's value had it been withheld from the public and to assess heterogeneity in information's value along site and homebuyer demographics.     

Exploring the hedonic value of ambient water quality: A local watershed-based study

Non-point source water pollution of local watersheds can result from various sources but is tied most closely to runoff from impervious surfaces associated with development activities such as roadways, parking lots and large commercial structures. This research investigates the value of ambient water quality as measured by data from twenty-two monitoring stations located throughout a local watershed in Maryland; the St. Mary's River watershed. A hedonic property value model is used to investigate the marginal implicit values of the following water quality variables: total suspended solids and dissolved inorganic nitrogen. The econometric results indicate the marginal implicit prices associated with a one milligram per liter change in total suspended solids and dissolved inorganic nitrogen, are $− 1086 and $− 17,642, respectively.     

THE VALUE OF IN‐STREAM WATER TEMPERATURE FORECASTS FOR FISHERIES MANAGEMENT

Water temperature is an important factor affecting aquatic life within the stream environment. Cold water species, such as salmonids, are particularly susceptible to elevated water temperatures. This paper examines the economic value of short‐term water temperature forecasts for salmonid management. Forecasts may have economic value if they allow the water resource manager to make better water allocation decisions. This study considers two applications: water releases for management of Chinook salmon in the Klamath River and leasing water from agriculture for management of steelhead trout in the John Day River. We incorporate biophysical models and water temperature distribution data into a Bayesian framework to simulate changes in fish populations and the corresponding benefit from recreational fishing and opportunity cost of water under different temperature forecast accuracies. Simulation results indicate that use of the forecasts results in increased fish production and that marginal costs decline and net benefits increase as forecast accuracy increases, suggesting that provision and use of such stream temperature forecasts would have value to society. (JEL Q22, Q25, Q28, Q50)     

A LANDFILL CLOSURE AND HOUSING VALUES

The United States disposes roughly 60% of the municipal solid waste it generates each year in solid waste disposal facilities, commonly known as landfills. Hedonic pricing studies have estimated the external costs of landfills on neighboring housing markets, but the literature is silent on what happens to property values after the landfill closes. Original housing price data collected both before and after a landfill closure are used to estimate how a landfill closure affects neighboring property values. Results of both a hedonic pricing model and a repeat-sales estimator are used in the analysis. ( JEL H42, H72, Q51, Q53, R21)     

A three-sector model for real property tax incedence

This article presents a new three-sector general-equilibrium model for tax incidence analysis. The model differs from the usual two-sector model not only in the addition of an extra sector but also in abandoning the classical tradition of specifying with capital and labor arguments. The property tax in the model is specified as a partial tax applying to real — but not to personal — property used in the production of housing services and other goods.The model is quantified by selecting numerical values for its parameters in order to estimate percentage changes in the endogenous variables caused by the introduction of an exogenous property tax. The major effect of the tax is to make real property relatively more expensive and to cause less real property to be produced.     

Natural resource valuation with a tribal perspective: a case study of the Penobscot Nation

The unique settings of tribal lands and preferences of tribal members can complicate the effective application of standard natural resource use valuation tools within these tribal settings. We present a study which utilised referendum format contingent valuation methods to value foregone tribal use of the dioxin-contaminated Penobscot River in Maine. The Penobscot Nation’s prior experience in using referendums to evaluate cash settlement offers provides a unique setting for this application. The valuation responses pass a scope test and are consistent with a priori expectations of economic theory as well as individual attitudes and beliefs. Implicit discount rates based on the valuation of two clean-up periods are plausible. The response model indicates that cultural motives are a significant basis of foregone use values. While each tribal setting presents unique characteristics and challenges, the presented application demonstrates how carefully applied standard valuation tools, when appropriately designed to account for and incorporate tribal history, settings, and perspective, can yield defensible estimates of resource valuation.     

Differentiating use and nonuse values for coastal pond water quality improvements

This paper measures the benefits of water quality improvements in three coastal ponds on the island of Martha's Vineyard, Massachusetts, U.S.A. Use, option, and existence values were elicited from Martha's Vineyard property owners by the contingent valuation method. On average, more than half of the total benefits are attributed to existence value. Results from the Heckman selection model show that the exclusion of protest, as well as missing bids, does not cause significant bias in estimating respondents' willingness-to-pay. Socioeconomic characteristics are found to have distinctively different influences on use, option, and existence values. Different model parameters are likely to be estimated depending on which value categories are measured by a selected valuation technique. These findings emphasize the importance of nonuse values from water quality improvements and of socioeconomic characteristics for measuring different categories of values.Associate Scientist, the Marine Policy Center, Woods Hole Oceanographic Institution. Support for this research was provided by the Pew Charitable Trust, and the Marine Policy Center. Thanks are due Elliot Backerman for making the data available to the author, and Peter Britz and Sarah Repetto for research assistance. Comments and suggestions on an earlier draft of this paper from Steven Edwards, A. Myrick Freeman, Porter Hoagland, Raymond Kopp, V. Kerry Smith and two anonymous reviewers are gratefully acknowledged. This article is WHOI Contribution No. 7752.     

SNAKE RIVER SALMON RECOVERY: QUANTIFYING THE COSTS

Economic costs are relevant to endangered species protection in both theory and practice. Recovering endangered Snake River salmon will require modifying public land use, restricting fishing and hatchery production, reducing water for agriculture, and altering the operation of hydroelectric dams. The economic costs are estimated to range from $246 million to $359 million per year. While the estimated cost is not matched by the estimated increased value of fishing, the nonuse value of salmon recovery may be very large. Better economic and biological information is needed to assure that decisions for salmon species protection are reasonably cost effective. ( JEL Q28, H43)     

新房地产政策的影响分析及对策建议

首先对2010年4月17日国务院发布的房地产新政策的政策效果进行分析和评价,认为该政策有效打击了房地产市场的泡沫,但是降低了社会的福利水平,因此并非解决问题之根本的对策。为了找到问题的根源,从经济学最基本的模型——供给和需求模型入手,分析房地产市场泡沫形成的根本原因,进而提出一定政策性建议。以产业组织理论为基础分析房地产供给＂不足＂的根源,以货币政策理论为基础分析房产需求过热的根源。     

Energy and World Politics; The Politics of Aid,Trade and Investment

This article conducts a field-level analysis of institutional change in the pulp and paper industry in the state of Maine over the past 30 years. Furthermore, it considers the natural environment as a field-level actor, which can focus and redirect attention and resources, serve as a constraint on previously acceptable behavior, and act as a catalyst for institutional change.     

知识产权保护与地区制造业升级 ——基于中介效应和面板分位数模型的实证分析

中国经济正处于由高速增长向高质量发展转变的重要攻关期,地区制造业转型升级是推动质量变革、建设制造强国的重中之重。在此背景下,首次把知识产权保护和地区制造业升级纳入统一理论分析框架,并利用2003－2017年中国省级面板数据,运用中介效应和面板分位数模型实证检验知识产权保护对地区制造业升级的作用机制及边际效应。研究发现,知识产权保护显著推动地区制造业转型升级,且地区制造业升级存在一定路径依赖,在缓解内生性问题及进行稳健性检验后,结论依然成立;知识产权保护主要通过创新激励效应、人力资本配置效应和国际技术溢出效应等作用机制促进地区制造业升级,其中,创新激励效应促进作用最为显著,国际技术溢出效应影响效果次之,而人力资本配置效应的效果有限;知识产权保护对地区制造业升级的边际效应呈现倒U型特征,表明知识产权保护存在“最适强度”。     

A cost-benefit analysis of restoring the Em River in Sweden: valuation of angling site characteristics and visitation frequency

This article uses Cost-Benefit Analysis (CBA) to evaluate restoration scenarios aimed at improving angling on the Em River in Sweden. We find that none of the proposed projects are socially profitable when considering only values associated with angling. We rely on a Choice Experiment (CE) to derive utilities and estimate the monetary value of angling site characteristics and then also use the utilities derived in a visitation frequency using a two-stage budgeting approach. The visitation frequency is then used to extract values for fishing license sales and business-related income. The case study illustrates how CBA can provide useful insights into the potential economic returns of environmental restoration projects. Our case study also indicates that the results in terms of Willingness-To-Pay (WTP) and visitation frequency are general findings – i.e. they appear similar across angling sites – which is particularly useful from a policy point of view because it supports the use of benefit transfer for more cost-effective river management.     

大坝建设的决策管理

大坝的生态、社会、文化影响巨大而复杂，有关大坝的功过得失在国际上引起了强烈的争议，本文简要总结了世界大坝的发展现状并进行了展望。分析了国际上大坝支持者与反对者的一些主要论点；提出了应从公平，可恢复性，风险及共识四个方面评价大坝决策方案，并认为从流域或区域的角度进行综合决策，增加透明度与鼓励公众参与，在整个大坝的生命周期中进行定期审计等原则是减轻大坝负面影响的关键。     

Estimates of the option values for water quality improvements

This paper presents estimates of the option values associated with increased oppurtunities for outdoor recreation resulting from improved water quality. The estimates are based on a 1981 survey of 301 households in the Pennsylvania Monongahela River Basin.     

POLITICALLY FEASIBLE, REVENUE SUFFICIENT, AND ECONOMICALLY EFFICIENT MUNICIPAL WATER RATES

Water rates are designed to meet multiple objectives, typically resulting in trade-offs among the objectives of economic efficiency, revenue sufficiency, and related revenue stability. Standard theory of natural monopoly is extended here to explain why long-run marginal cost (LMC) can be greater than both average cost and short-run marginal cost (SMC) for municipal water utilities. The distinctions between "benign monopoly rates" and "marginal cost rate design" favor LMC over SMC as the basis for economically efficient rate design. Taking into account conservation investments by consumers, SMC rates are economically inefficient, except during temporary shortages. The City of Los Angeles adopted economically efficient, revenue sufficient, and revenue-stable water rates at the end of a prolonged drought. After the drought ended, Los Angeles (LA) modified the rate design, making the design politically feasible during normal rainfall years. Unique features in the LA rate design determine the allocation of consumer surplus among ratepayers, making the rate design politically feasible by sharing efficiency gains among customer classes. Revenue sufficiency and stability features in the rate design minimize adverse job effects on water utility management, reducing the frequency of rate hearings with an increasing block design. ( JEL L51, L95, Q25, Q51)     

确立财产税在地方税中的主体地位初探

探讨财产税作为地方税主体税种的理论及现实原因，分析我国现行财产税的缺陷，有利于建立与完善我国财产税体系。     

THE PERSIAN GULF, GLOBAL OIL RESOURCES, AND INTERNATIONAL SECURITY

This article analyzes the interaction of politics and military security in global oil markets since the 1980s. The authors outline the historical evolution of the pricing structure that maintained a stable world oil market. They argue that the security framework underlying this pricing structure relied on a trade-off between price stability and military security that has contributed to growing political instability in individual Persian Gulf countries and the rise of Al Qaeda and similar groups. The article concludes with a discussion of the pros and cons of three possible policy approaches to this dilemma—a "hands-off" approach that is similar to the policy that prevailed between 1973 and 1990, a unilateral security system organized and led by the United States, and an international security framework. (JEL D47 , F02 , L11 , Q32 , Q41 , Q43 , Q48 )     

Selective penalization of polluters: an inf-convolution approach

Summary. We consider an asymmetric polluting oligopoly. We demonstrate that optimal tax rates per unit of emission are not the same for all firms. We call this property selective penalization. Our Optimal Distortion Theorem states that the efficient tax structure requires that high cost firms pay a higher tax rate. Our Pro-concentration Motive Theorem states that optimal taxes increase the concentration of the industry, as measured by the Herfindahl index. Our Magnification Effect indicates that the variance of marginal costs is magnified by a factor which depends on the marginal cost of public funds.JEL Classification Numbers: Q20, D60, D63.We wish to thank Peter Neary, Kim Long, Raymond Riezman and a referee for very helpful comments. Financial support from SSHRC and FCAR are gratefully acknowledged. We would like to thank Hassan Benchekroun, Kim Long, and Koji Shimomura for discussions and comments.     

珠江三角洲经济发展、城市扩张与农田流失研究——以东莞市为例

珠江三角洲自改革开放的２０年来经历了巨大的发展,但也导致了城市的迅速扩张以及大量宝贵农田的流失。本文以珠江三角洲发展最快的城市之一的东莞为例探讨其经济发展、城市扩张以及农田流失的关系。研究发现了农田流失与不同阶段的经济发展有密切的关系。自进入９０年代以来,由于房地产的过热发展,造成了农田的加速流失,严重浪费土地资源。珠江三角洲的农田流失与乡镇企业的发展,地方自主权的扩大,香港的影响,交通条件的改善以及土地管理等一系列因素有关。