Abstract
A semiparametric hedonic price function is estimated to examine the effects of proximity to wetlands on property values using extensive wetland inventory and housing market data from Portland-Oregon, USA. The semiparametric method used in this study allows for estimation of the hedonic price function with flexible functional form and is computationally easier than most non-parametric models. Four general categories of wetlands – open water, emergent vegetation, forested and scrub shrub wetlands – are differentiated. The results indicate that proximity to open water wetlands has a positive association with property values, while the other types of wetlands have either a negative or insignificant relationship.
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