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Valuing Environmental Assets on Rural Lifestyle Properties

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Author Info

  • Polyakov, Maksym
  • Pannell, David J.
  • Pandit, Ram
  • Tapsuwan, Sorada
  • Park, Geoff

Abstract

Lifestyle 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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File URL: http://purl.umn.edu/148406
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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:148406

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

Keywords: ecosystem services; lifestyle landowners; native vegetation; spatial hedonic model; Environmental Economics and Policy; Land Economics/Use;

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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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