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This study uses the hedonic price model to estimate the effect a change in water level has on the value of real estate on Lake Koshkonong in Wisconsin. Hedonic techniques are employed to show that a 2 inch reduction in the lake’s water level had a significant effect on Lake Koshkonong’s shoreline property values. The body of existing research demonstrates that changes in both the subjective and objective indicators of value are important for estimating the implicit value of water quality in hedonic analyses. This paper provides new evidence on the economic harm created by the reduction of water levels and the concurrent publicity created by the action.