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The Value of Forever Wild: An Economic Analysis of Land Use in the Adirondacks

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Author Info

  • Tuttle, Carrie M.
  • Heintzelman, Martin D.

Abstract

The mix of public and private land ownership within the Adirondack Park often leads to conflict between development and conservation interests. We explore the effects of the Adirondack Park Agency’s classifications on property values through hedonic analysis while simultaneously controlling for environmental and recreational amenities. Results show that lands in the park classified for moderate-intensity use sell at a premium of up to 7 percent while lands in more restrictive classes are discounted. There is also evidence that decreasing the impact of humans by one unit increases property values by approximately 2 percent.

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File URL: http://purl.umn.edu/148404
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Bibliographic Info

Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 42 (2013)
Issue (Month): 1 (April)
Pages:

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Handle: RePEc:ags:arerjl:148404

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Web page: http://www.narea.org/
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Related research

Keywords: Adirondacks; hedonic pricing model; land use; Environmental Economics and Policy; Land Economics/Use;

References

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  1. Kuminoff, Nicolai V. & Parmeter, Christopher F. & Pope, Jaren C., 2010. "Which hedonic models can we trust to recover the marginal willingness to pay for environmental amenities?," Journal of Environmental Economics and Management, Elsevier, vol. 60(3), pages 145-160, November.
  2. Fiorenza Spalatro & Bill Provencher, 2001. "An Analysis of Minimum Frontage Zoning to Preserve Lakefront Amenities," Land Economics, University of Wisconsin Press, vol. 77(4), pages 469-481.
  3. John F. Chamblee & Peter F. Colwell & Carolyn A. Dehring & Craig A. Depken, 2011. "The Effect of Conservation Activity on Surrounding Land Prices," Land Economics, University of Wisconsin Press, vol. 87(3), pages 453-472.
  4. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," Harvard Institute of Economic Research Working Papers 2061, Harvard - Institute of Economic Research.
  5. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  6. Maser, Steven M & Riker, William H & Rosett, Richard N, 1977. "The Effects of Zoning and Externalities on the Price of Land: An Empirical Analysis of Monroe County, New York," Journal of Law and Economics, University of Chicago Press, vol. 20(1), pages 111-32, April.
  7. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
  8. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
  9. Heintzelman Martin D, 2010. "The Value of Land Use Patterns and Preservation Policies," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-26, May.
  10. Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-37, March-May.
  11. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
  12. Martin D. Heintzelman, 2010. "Measuring the Property-Value Effects of Local Land Use and Preservation Referenda," Land Economics, University of Wisconsin Press, vol. 86(1), pages 22-47.
  13. H. Spencer Banzhaf & Dallas Burtraw & David Evans & Alan Krupnick, 2006. "Valuation of Natural Resource Improvements in the Adirondacks," Land Economics, University of Wisconsin Press, vol. 82(3), pages 445-464.
  14. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, 07.
  15. Cho, Seong-Hoon & Poudyal, Neelam C. & Roberts, Roland K., 2008. "Spatial analysis of the amenity value of green open space," Ecological Economics, Elsevier, vol. 66(2-3), pages 403-416, June.
  16. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
  17. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
  18. Noelwah R. Netusil, 2005. "The Effect of Environmental Zoning and Amenities on Property Values: Portland, Oregon," Land Economics, University of Wisconsin Press, vol. 81(2).
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Cited by:
  1. Bauer, Dana M. & Johnston, Robert J., 2013. "Foreword: The Economics of Rural and Agricultural Ecosystem Services: Purism versus Practicality," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(1), April.

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