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Property value effects of the Hemlock wooly adelgid infestation in New England, U.S.A.
Ecological Economics ( IF 7 ) Pub Date : 2022-01-20 , DOI: 10.1016/j.ecolecon.2022.107354
Xiaoshu Li 1 , Kevin J. Boyle 1, 2 , Evan L. Preisser 3 , Thomas P. Holmes 4 , David Orwig 5
Affiliation  

We investigate residential property-price effects of the spread of the Hemlock wooly adelgid infestation northward through central portions of Connecticut and Massachusetts, USA. We find that hemlock trees and the accompanying adelgid infestation within 0.1 km buffers of properties affect sale prices, but the results do not extend to buffers of 0.5 and 1.0 km's. Further, within the 0.1 km buffer, only the healthiest hemlock trees contribute positively to property values. We investigated the robustness of the results to three data interpolation methods, Kriging, Inverse Distance Weighting and Spline, and while there was some minor difference in outcomes the results are robust to these interpolation methods. Two property-price models were estimated, a traditional hedonic model with spatial fixed effects and a repeat sale model. The models provide substantially different property-price impacts and care needs to be taken when interpreting these estimates. Both approaches are limited but in different ways; the hedonic by potentially omitted variables and the repeat-sales by a limited number of observations. Our results provide some support for the repeat-sale model as the hedonic model with spatial fixed effects underperformed when both models were estimated using the same data.



中文翻译:

美国新英格兰 Hemlock 羊毛 adelgid 侵染的物产价值效应

我们调查了 Hemlock 羊毛 adelgid 侵染向北通过美国康涅狄格州和马萨诸塞州中部蔓延对住宅物业价格的影响。我们发现 0.1 公里范围内的铁杉树和伴随的 adelgid 感染会影响销售价格,但结果并未扩展到 0.5 和 1.0 公里的缓冲区。此外,在 0.1 公里的缓冲区内,只有最健康的铁杉树才能对房产价值做出积极贡献。我们研究了结果对三种数据插值方法(克里金法、反距离加权法和样条法)的稳健性,虽然结果存在一些细微差异,但结果对这些插值方法是稳健的。估计了两个房地产价格模型,一个具有空间固定效应的传统特征模型和一个重复销售模型。这些模型提供了截然不同的房地产价格影响,在解释这些估计时需要小心。这两种方法都是有限的,但方式不同;潜在遗漏变量的享乐和有限数量的观察的重复销售。我们的结果为重复销售模型提供了一些支持,因为当使用相同数据估计两个模型时,具有空间固定效应的特征模型表现不佳。

更新日期:2022-01-20
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