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Non-market valuation of beach quality: Using spatial hedonic price modeling in Hilton Head Island, SC
ارزیابی غیر بازاری از کیفیت ساحل: استفاده از مدل سازی قیمت هیدونیک فضایی در جزیره هیلتون SC-2020 Climate change has been impacting beach quality negatively for years. The gradual increase in sea level has been
slowly diminishing the Atlantic coastline by eroding beaches and worsening coastal flooding. Narrowing beach
width, one of the most important attributes of beach quality, has been a major concern for policy makers, local
residents and visitors as lower beach quality has environmental and economic consequences. Filling the beaches
with sand under beach replenishment projects has been widely used to treat this problem. The purpose of this
paper is to estimate the economic value of beach width using the past residential property prices in Hilton Head
Island, SC. Spatial error hedonic price method was adopted to account for spatial dependency among error terms.
The results of this study show that beach width has significant influence on the values of neighboring properties
that are located within 633 feet of the shoreline. An additional foot of beach width would add as much as $3,012
to the value of an oceanfront residential property. Without an accurate estimation of the economic value of beach
width, cost-benefit analyses of beach nourishment and other shoreline management projects would be
incomplete. Keywords: Hedonic price method | Beach width | Beach replenishment | Beach nourishment | Spatial error model |
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