Abstract
Three techniques to value the non-market commodity of water quality are compared in a notably active and unusually well-defined market: the Okoboji Lakes region of northwest Iowa. The paper compares: (a) a site valuation based on differing property values across lakes; (b) a market valuation by soliciting realtors' interpretations of observed price differentials; and (c) a contingent valuation of willingness to pay for water quality changes. The results obtained are similar in magnitude; the value of water quality ranges from 13 to 23% of the total residence value per square foot of private residence.
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