Template-Type: ReDIF-Paper 1.0
Author-Name: Paul Missios
Author-X-Name-First: Paul
Author-X-Name-Last: Missios
Author-Email: pmissios@economics.ryerson.ca 
Author-Workplace-Name: Department of Economics, Ryerson University, Toronto, Canada
Author-Name: Ida Ferrara
Author-X-Name-First: Ida
Author-X-Name-Last: Ferrara
Author-Email: iferrara@yorku.ca
Author-Workplace-Name: Department of Economics, York University, Toronto, Canada
Author-Name: Stephen McComb
Author-X-Name-First: Stephen
Author-X-Name-Last: McComb

Title: Local Willingness-to-Pay Estimates for the Remediation of the Sydney Tar Ponds in Nova Scotia

Abstract: The Sydney Tar Ponds and Coke Ovens site in Nova Scotia, Canada, is among the
most toxic hazardous waste sites in North America. This study presents hedonic
estimates of the willingness-to-pay for remediation of the site using housing sales data
from urban Sydney. Negative impacts are estimated with a maximum likelihood spatial
autoregressive model of property values. Premiums on homes farther from the site are
found to be substantial, and, when aggregated into a community willingness-to-pay
measure ($169.2 million), cover a large proportion of the estimated remediation costs.

Classification-JEL: Q51, Q52, Q53, Q58 
Keywords: Hedonic model, property values, spatial regression, toxic waste, hazardous site, Canada
Length: 41 pages
Creation-Date: 2009-10
Number: 009
File-URL: http://economics.ryerson.ca/workingpapers/wp009.pdf
File-Format: Application/pdf
Handle: RePEc:rye:wpaper:wp009