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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- David Maddison, 2009. "A Spatio-temporal Model of Farmland Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(1), pages 171-189.
- 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.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Nicholas Gill & Peter Klepeis & Laurie Chisholm, 2010. "Stewardship among lifestyle oriented rural landowners," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(3), pages 317-334.
- Geoffrey H. Donovan & Patricia A. Champ & David T. Butry, 2007. "Wildfire Risk and Housing Prices: A Case Study from Colorado Springs," Land Economics, University of Wisconsin Press, vol. 83(2), pages 217-233.
- Polyakov, Maksym & Zhang, Daowei, 2008. "Population Growth and Land Use Dynamics along Urbanâ€“Rural Gradient," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(02), August.
- 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.
- Elena G. Irwin & Andrew M. Isserman & Maureen Kilkenny & Mark D. Partridge, 2010. "A Century of Research on Rural Development and Regional Issues," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(2), pages 522-553.
- David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
- Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
- Ma, Shan & Swinton, Scott M., 2011. "Valuation of ecosystem services from rural landscapes using agricultural land prices," Ecological Economics, Elsevier, vol. 70(9), pages 1649-1659, July.
- Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
- David J. Pannell, 2008. "Public Benefits, Private Benefits, and Policy Mechanism Choice for Land-Use Change for Environmental Benefits," Land Economics, University of Wisconsin Press, vol. 84(2), pages 225-240.
- Torell, L. Allen & Rimbey, Neil R. & Ramirez, Octavio A. & McCollum, Daniel W., 2005. "Income Earning Potential versus Consumptive Amenities in Determining Ranchland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(03), December.
- Maksym Polyakov & Daowei Zhang, 2008. "Property Tax Policy and Land-Use Change," Land Economics, University of Wisconsin Press, vol. 84(3), pages 396-408.
- Polyakov, Maksym & Pannell, David J. & Rowles, Alexei & Park, Geoff & Roberts, Anna M., 2011. "Optimising the spatial pattern of landscape revegetation," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100697, Australian Agricultural and Resource Economics Society.
- Kelejian, Harry H. & Prucha, Ingmar R., 2010. "Specification and estimation of spatial autoregressive models with autoregressive and heteroskedastic disturbances," Journal of Econometrics, Elsevier, vol. 157(1), pages 53-67, July.
- Gianfranco Piras, . "sphet: Spatial Models with Heteroskedastic Innovations in R," Journal of Statistical Software, American Statistical Association, vol. 35(i01).
- Pannell, David J. & Wilkinson, Roger, 2009. "Policy mechanism choice for environmental management by non-commercial "lifestyle" rural landholders," Ecological Economics, Elsevier, vol. 68(10), pages 2679-2687, August.
- Yong Tu & Hua Sun & Shi-Ming Yu, 2007. "Spatial Autocorrelations and Urban Housing Market Segmentation," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 385-406, April.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.