Abstract
development, such as traffic congestion and air pollution. Several willingness-to-pay studies have demonstrated the positive amenity value of open space (Halstead; Beasley, Workman, and Williams), but evidence of the value of open space from revealed preference methods--namely, from hedonic models--is limited and mixed. In this article, we consider the issue of estimating open space spillovers using a hedonic pricing model with residential property sales and offer an explanation for why the positive amenity value of open space effects, even if it exists, may not always be empirically detected. The estimation problems that we consider are ones of identification, which arise in a hedonic residential price model when the open space land is privately held and developable.1 Under these circumstances, land parcels counted as open space are part of the market for residential land and therefore subject to the same economic forces that determine a location's residential value.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.