The Impact of Wind Power Projects on Residential Property Values ...

Table A - 3: Summary <strong>of</strong> VOI Standard Errors for Restricted and Unrestricted Models
Standard Errors
Restricted Models
Standard Errors
Unrestricted Models
Standard Errors
Median Min Max Median Min Max
Minor View 0.01 0.01 0.02 0.05 0.03 0.07
Moderate View 0.03 0.03 0.03 0.10 0.06 0.18
Substantial View 0.05 0.05 0.06 0.19 0.10 0.29
Extreme View 0.08 0.08 0.09 0.25 0.12 0.34
Inside 3000 Feet 0.05 0.05 0.06 0.21 0.09 0.33
Between 3000 Feet and 1 Mile 0.04 0.04 0.05 0.13 0.08 0.40
Between 1 and 3 Miles 0.02 0.02 0.02 0.05 0.02 0.11
Between 3 and 5 Miles 0.01 0.01 0.02 0.05 0.02 0.10
Parameter Estimate Stability
Table A - 4 summarizes the coefficient estimates for the variables <strong>of</strong> interest for all <strong>of</strong> the 16
models. <strong>The</strong> table specifically compares the medians, minimums, and maximums <strong>of</strong> the
coefficients for the models with restricted variables <strong>of</strong> interest (1, 2, 3, 4, 6, 7, 9 and 12) to those
with unrestricted variables <strong>of</strong> interest (5, 8, 10, 11, 13, 14, 15 and 16). As shown, the
coefficients in the unrestricted models diverge significantly from those in the restricted models.
For example, in the restricted models, the median coefficient for homes inside <strong>of</strong> 3000 feet is
-0.03, with a minimum <strong>of</strong> -0.06 and a maximum <strong>of</strong> -0.01, yet in the unrestricted models the
median coefficient is 0.06, with a minimum <strong>of</strong> -0.38 and a maximum <strong>of</strong> 0.32. Similarly, a
MODERATE VIEW in the restricted models has a median <strong>of</strong> 0.00, with a minimum <strong>of</strong> -0.01 and
a maximum <strong>of</strong> 0.03, whereas the unrestricted models produce coefficients with a median <strong>of</strong> -0.05
and with a minimum <strong>of</strong> -0.25 and a maximum <strong>of</strong> 0.35.
Table A - 4: Summary <strong>of</strong> VOI Coefficients for Restricted and Unrestricted Models
Restricted Models Unrestricted Models
Parameters
Coefficients
Coefficients
Median Min Max Median Min Max
Minor View -0.02 -0.03 0.00 -0.02 -0.16 0.24
Moderate View 0.00 -0.01 0.03 -0.05 -0.25 0.35
Substantial View -0.01 -0.04 0.02 -0.08 -0.31 0.13
Extreme View 0.03 0.02 0.05 -0.03 -0.23 0.09
Inside 3000 Feet -0.03 -0.06 -0.01 0.06 -0.38 0.32
Between 3000 Feet and 1 Mile -0.04 -0.06 -0.01 -0.10 -0.44 0.52
Between 1 and 3 Miles -0.01 -0.03 0.02 0.00 -0.23 0.40
Between 3 and 5 Miles 0.02 0.01 0.04 0.05 -0.05 0.32
Turning from the levels <strong>of</strong> the coefficients to the stability <strong>of</strong> their statistical significance and sign
across models more reasons for concern are found. Table A - 5 summarizes the results <strong>of</strong> the
unrestricted models, and presents the number <strong>of</strong> statistically significant variables <strong>of</strong> interest as a
percent <strong>of</strong> the total estimated. <strong>The</strong> table also breaks these results down into two groups, those
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