Valuing Environmental Assets on Rural Lifestyle Properties
AbstractLifestyle landowners value land for its amenities and ecological characteristics and could play an important role in managing and conserving native vegetation in multifunctional rural landscapes. We quantify values of ecosystem services captured by owners of rural lifestyle properties in Victoria, Australia, using a spatial hedonic property price model. The value of ecosystem services provided by native vegetation is maximized when that vegetation occupies about 40 percent of the area of a lifestyle property. Since the current median proportion of native vegetation is 15 percent, most lifestyle landowners could benefit from increasing the area of native vegetation on their properties.
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Bibliographic InfoArticle provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.
Volume (Year): 42 (2013)
Issue (Month): 1 (April)
ecosystem services; lifestyle landowners; native vegetation; spatial hedonic model; Environmental Economics and Policy; Land Economics/Use;
Other versions of this item:
- Polyakov, Maksym & Pannell, David J. & Pandit, Ram & Tapsuwan, Sorada & Park, Geoff, 2012. "Valuing environmental assets on rural lifestyle properties," Working Papers 126941, University of Western Australia, School of Agricultural and Resource Economics.
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
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