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WOLF Michael DavidGraduate School of Economics / Division of EconomicsAssociate Professor
Research activity information
■ Award- Oct. 2023 Society for Environmental Economics and Policy Studies, Young Achievement Award, Holding Back the Storm: Dam Capitalization in Residential and Commercial Property Values
- 2022 Western Regional Science Association, Stough-Johansson Springer Award's Best Paper by an Early Career Scholar
- Jul. 2019 Agricultural and Applied Economics Association, Outstanding Doctoral Dissertation Award
- 2016 Ohio State University Department of AED Economics, Bernie Erven Teaching Award
- Informa UK Limited, Jan. 2024, Applied Economics Letters, 1 - 5, English, No password[Refereed]Scientific journal
- Abstract Fiber internet expansion represents a path to improved economic vitality for Americans, but it is unclear who benefits from it and by how much. We examine the effects of subsidized fiber internet expansion on home prices and homebuyer demographics using data from Wisconsin and an IV approach to correct for fiber network endogeneity. We find fiber internet increases urban and rural housing values by 1.83% ($3,462) and decreases the likelihood a homebuyer is white by 2.88%, but in urban areas only. Fiber internet therefore does not appear to drive minority homebuyers away but may contribute to the urban‐rural racial divide.Lead, Wiley, Oct. 2023, Journal of Regional Science, No password[Refereed]Scientific journal
- Elsevier BV, Oct. 2022, Journal of Environmental Economics and Management, 116, 102732 - 102732, No password[Refereed]Scientific journal
- Last, Elsevier BV, Sep. 2022, Ecological Economics, 199, 107482 - 107482, No password[Refereed]Scientific journal
- Lead, Elsevier BV, May 2022, Resource and Energy Economics, 68, 101299 - 101299, No password[Refereed]Scientific journal
- Lead, Wiley, Jan. 2022, American Journal of Agricultural Economics, 104(5) (5), 1701 - 1723, No password[Refereed]Scientific journal
- Lead, Oxford University Press, Aug. 2021, Oxford Research Encyclopedia of Economics and Finance
The value of a differentiated product is simply the sum of its parts. This concept is easily observed in housing markets where the price of a home is determined by the underlying bundle of attributes that define it and by the price households are willing to pay for each attribute. These prices are referred to as implicit prices because their value is indirectly revealed through the price of another product (typically a home) and are of interest as they reveal the value of goods, such as nearby public amenities, that would otherwise remain unknown.
This concept was first formalized into a tractable theoretical framework by Rosen, and is known as the hedonic pricing method. The two-stage hedonic method requires the researcher to map housing attributes into housing price using an equilibrium price function. Information recovered from the first stage is then used to recover inverse demand functions for nonmarket goods in the second stage, which are required for nonmarginal welfare evaluation. Researchers have rarely implemented the second stage, however, due to limited data availability, specification concerns, and the inability to correct for simultaneity bias between price and quality. As policies increasingly seek to deliver large, nonmarginal changes in public goods, the need to estimate the hedonic second stage is becoming more poignant. Greater effort therefore needs to be made to establish a set of best practices within the second stage, many of which can be developed using methods established in the extensive first-stage literature.
[Refereed][Invited] - Lead, Feb. 2021, Land Economics, English, No passwordConvergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models[Refereed]Scientific journal
- Lead, Feb. 2020, American Journal of Agricultural Economics, 102(2) (2), 727 - 729, EnglishOutstanding Doctoral Dissertations - Beyond Marginal Valuation: The Economic Impacts of Harmful Algal BloomsDoctoral thesis
- Lead, Nov. 2019, Land Economics, 95(4) (4), 455 - 472, English, No passwordThe Impacts of Harmful Algal Blooms and E. coli on Recreational Behavior in Lake Erie[Refereed]Scientific journal
- Lead, Sep. 2017, Journal of Environmental Management, 199(1) (1), 148 - 157, English, No passwordReeling in the damages: Harmful algal blooms' impact on Lake Erie's recreational fishing industry[Refereed]Scientific journal
- Lead, May 2017, Ecological Economics, 135, 209 - 221, English, No passwordBloom and bust: Toxic algae's impact on nearby property values[Refereed]Scientific journal
- Kyoto Environment and Development (KED) Seminar, Jan. 2024, EnglishBatten Down the Hatches: Hedonic Valuation of Private Hurricane Protection[Invited]Oral presentation
- The 28th SEEPS (Society for Environmental Economics and Policy Studies) Annual Conference, Sep. 2023, EnglishBatten Down the Hatches: Hedonic Valuation of Private Hurricane ProtectionOral presentation
- Asian Association of Environmental and Resource Economists, Aug. 2023, EnglishThe Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku EarthquakeOral presentation
- Workshop on Climate and Environmental Economics Waseda University, Apr. 2023, EnglishThe Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku Earthquake[Invited]Oral presentation
- J-Tree Seminar Series, Feb. 2023, EnglishThe Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku EarthquakeOral presentation
- The Applied Regional Science Conference 36th Annual Meeting, Dec. 2022Using Cross-Validation to Value Seismic Risk: An Examination of the 2011 Tohoku EarthquakeOral presentation
- 27th Annual Society for Environmental Economics and Policy Studies (SEEPS), Oct. 2022, EnglishUsing Cross-Validation to Value Seismic Risk: An Examination of the 2011 Tohoku EarthquakeOral presentation
- The 611th Regular Meeting of the Economic Society of Japan, Apr. 2022, EnglishWho Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan[Invited]Oral presentation
- Japan-Tokyo Resource and Environmental Economics (J-TREE) Seminar Series, Jan. 2022Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, JapanOral presentation
- 6th Annual International Conference on Applied Econometrics in Hawaii, Nov. 2021Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan[Invited]Oral presentation
- 26th Annual Society for Environmental Economics and Policy Studies (SEEPS), Sep. 2021Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, JapanOral presentation
- Rokko Forum, Aug. 2021, EnglishWho Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan.[Invited]Oral presentation
- AERE Session at the 85th Annual Midwestern Economic Association, Mar. 2021, EnglishWillingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing PricesOral presentation
- AERE Session at the 47th Annual Eastern Economics Association, Feb. 2021, EnglishWillingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing PricesOral presentation
- Society for Environmental Economics and Policy Studies (SEEPS) Camp, Feb. 2021, EnglishWillingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing PricesOral presentation
- Society for Environmental Economics and Policy Studies, Sep. 2020, EnglishHarmful Algal Blooms Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake BayOral presentation
- 2019 AAEA (Agricultural and Applied Economics) Annual Meeting, Jul. 2019, EnglishHarmful Algal Blooms’ Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake BayPoster presentation
- 7th Annual Summer Conference of the Association of Environmental and Resource Economist, May 2019, EnglishHarmful Algal Blooms’ Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake BayPoster presentation
- 6th World Congress of Environmental and Resource Economists, Jun. 2018, EnglishThe Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental QualityOral presentation
- 6th World Congress of Environmental and Resource Economists, May 2018, EnglishDoes Heterogeneity within the Second-Stage Matter? Recovering Water Quality Demand Functions using a Nationwide Housing DatabaseOral presentation
- Camp Resources XXIV, Aug. 2017, EnglishThe Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental QualityOral presentation
- 2017 AAEA (Agricultural and Applied Economics Association) Annual Meeting, Aug. 2017, EnglishReeling in the Damages: Harmful Algal Blooms’ Impact on Lake Erie’s Recreational Fishing IndustryOral presentation
- 2017 AAEA (Agricultural and Applied Economics Association) Annual Meeting, Jul. 2017, EnglishThe Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental QualityOral presentation
- 6th Annual Summer Conference of the Association of Environmental and Resource Economists, May 2017, EnglishThe Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental QualityOral presentation
- 2016 AAEA (Agricultural and Applied Economics Association) Annual Meeting, Aug. 2016, EnglishBloom and Bust: Toxic Algae’s Impact on Nearby Property ValuesOral presentation
- 5th Annual Summer Conference of the Association of Environmental and Resource Economists, Jun. 2016, EnglishBloom and Bust: Toxic Algae’s Impact on Nearby Property ValuesOral presentation
- Society for Environmental Economics and Policy StudiesAug. 2020 - Present
- Association of Environmental and Resource Economists
- Agricultural and Applied Economics Association
- 日本学術振興会, 科学研究費助成事業, 基盤研究(C), 神戸大学, Apr. 2024 - Mar. 2027, Principal investigatorInvestigating the Distributional Impacts of Hurricane Wind Damage on Housing Price and Housing Repair
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B), Grant-in-Aid for Scientific Research (B), Kobe University, Apr. 2021 - Mar. 2024, Coinvestigator気候変動に適応する包摂的な経済システムの基礎的研究
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up, Grant-in-Aid for Research Activity Start-up, Kobe University, 11 Sep. 2020 - 31 Mar. 2022Modeling Linkages Between Land Development And Water Quality in Freshwater LakesI make two advancements which helps us to better understand how people value changes in public goods. I first implement a new econometric method that allows for the recovery of demand functions of public goods, which are better suited for non-marginal welfare analysis relative to MWTP. Using water quality as an application, I find traditional MWTP estimates undercount the benefits from water quality improvement by at least 22% or $1,500 per household in comparison to the benefits derived from a demand function.In subsequent research, I examine a new topic by looking at how downstream rental prices in Fukuoka, Japan responded to the completion of an upstream dam. I find apartment prices rose by 1.8% if they were protected by the recently completed Gokayama Dam. This premium is only observed after a natural disaster hit western Japan in 2018, causing residents to update their perceptions of flood risk.