The Effect of Oyster Farm on the Neighboring Housing Value in Rhode Island Public Deposited

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  • From 2000 onwards, the United States saw an increasing trend for the shellfish aquaculture practices especially along the Northeast coast. Despite the supporting majority of public regarding the shellfish aquaculture operations, these operations are sometimes opposed by local communities claiming the devaluation of housing property due to the construction of oyster farm. Since the uproars against the devaluing of housing property is directly affecting the lives of public, it is critically important to study the effect of construction of oyster farm on its value. A difference-in-difference (DoD) model within hedonic price model (HPM) was used to evaluate the effect of oyster farm on property value. We collected the details of the oyster farms operated in Rhode Island from the Coastal Resource Management Council (CRMC). Our housing sales data lists all the housing transactions in Rhode Island between 2000 and 2013. We used a linear mixed model with lot size as unit level fixed effect and city as random effect. The result showed that the DoD coefficient associated with interaction of distance bands and the construction of oyster farm, was statistically insignificant. The statistical insignificance of the coefficients suggests that there is not much change in housing value due to the construction of oyster farm. The analysis shows that houses further away from coastline will reduce the value of the property. One of the caveats of this study is lesser housing transactions since the construction of oyster farm happened in recent years.
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  • Sudhakaran, Pratheesh O., Gavino Puggioni, Hiro Uchida, and Jim Opaluch. 2015. The Effect of Oyster Farm on the Neighboring Housing Value in Rhode Island. In: Proceedings of the Eighth Biennial Forum of the North American Association of Fisheries Economists, May 20-22, 2015, Ketchikan, Alaska: Economic Sustainability, Fishing Communities and Working Waterfronts. Compiled by Ann L. Shriver and Melissa Errend. North American Association of Fisheries Economists, Corvallis, Oregon, USA, 2015.
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  • description.provenance : Submitted by Melissa Errend (melissa.errend@gmail.com) on 2015-11-06T17:00:08Z No. of bitstreams: 1 Sudhakaran 3 NAAFE 2015.pdf: 986376 bytes, checksum: 53aa97dd51557ff8ba0dd2cab2d77c49 (MD5)
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