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The effects of wildfire and environmental amenities on property values in northwest Montana, USA

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  • Stetler, Kyle M.
  • Venn, Tyron J.
  • Calkin, David E.

Abstract

This study employed the hedonic price framework to examine the effects of 256 wildfires and environmental amenities on home values in northwest Montana between June 1996 and January 2007. The study revealed environmental amenities, including proximity to lakes, national forests, Glacier National Park and golf courses, have large positive effects on property values in northwest Montana. However, proximity to and view of wildfire burned areas has had large and persistent negative effects on home values. The analysis supports an argument that homebuyers may correlate proximity to and view of a wildfire burned area with increased wildfire risk. Indeed, when a burned area is not visible from a home, wildfire risk appears to be out of sight and out of mind for homebuyers. Findings from this research can be used to inform debate about efficient allocation of resources to wildfire preparedness, including public education programs, and suppression activities around the wildland-urban interface.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 69 (2010)
Issue (Month): 11 (September)
Pages: 2233-2243

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Handle: RePEc:eee:ecolec:v:69:y:2010:i:11:p:2233-2243

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Hedonic price method Revealed preference Wildland-urban interface Non-market valuation Bushfire;

References

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  1. Spring, Daniel A. & Kennedy, John O.S., 2005. "Existence value and optimal timber-wildlife management in a flammable multistand forest," Ecological Economics, Elsevier, vol. 55(3), pages 365-379, November.
  2. de Mendonca, Mario Jorge Cardoso & Vera Diaz, Maria del Carmen & Nepstad, Daniel & Seroa da Motta, Ronaldo & Alencar, Ane & Gomes, Joao Carlos & Ortiz, Ramon Arigoni, 2004. "The economic cost of the use of fire in the Amazon," Ecological Economics, Elsevier, vol. 49(1), pages 89-105, May.
  3. Loomis, John B. & Gonzalez-Caban, Armando & Englin, Jeffrey E., 2001. "Testing For Differential Effects Of Forest Fires On Hiking And Mountain Biking Demand And Benefits," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(02), December.
  4. 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.
  5. Snyder, Stephanie A. & Kilgore, Michael A. & Hudson, Rachel & Donnay, Jacob, 2008. "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach," Journal of Forest Economics, Elsevier, vol. 14(1), pages 47-72, January.
  6. Walker, Susan H. & Rideout, Douglas B. & Loomis, John B. & Reich, Robin, 2007. "Comparing the value of fuel treatment options in northern Colorado's urban and wildland-urban interface areas," Forest Policy and Economics, Elsevier, vol. 9(6), pages 694-703, February.
  7. Kaval, Pamela & Loomis, John & Seidl, Andy, 2007. "Willingness-to-pay for prescribed fire in the Colorado (USA) wildland urban interface," Forest Policy and Economics, Elsevier, vol. 9(8), pages 928-937, May.
  8. 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..
  9. Okmyung Biny & Stephen Polasky, 2004. "Effects of Flood Hazards on Property Values: Evidence Before and After Hurricane Floyd," Land Economics, University of Wisconsin Press, vol. 80(4).
  10. Bennetton, Julia & Cashin, Paul & Jones, Darren & Soligo, James, 1998. "An economic evaluation of bushfire prevention and suppression," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(2), June.
  11. 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.
  12. Loomis, John, 2004. "Do nearby forest fires cause a reduction in residential property values?," Journal of Forest Economics, Elsevier, vol. 10(3), pages 149-157, November.
  13. Loomis, John B. & Le, Hung Trong & Gonzales-Caban, Armando, 2005. "Testing transferability of willingness to pay for forest fire prevention among three states of California, Florida and Montana," Journal of Forest Economics, Elsevier, vol. 11(3), pages 125-140, December.
  14. Mansfield, Carol & Pattanayak, Subhrendu K. & McDow, William & McDonald, Robert & Halpin, Patrick, 2005. "Shades of Green: Measuring the value of urban forests in the housing market," Journal of Forest Economics, Elsevier, vol. 11(3), pages 177-199, December.
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Cited by:
  1. Hansen, Winslow D. & Naughton, Helen T., 2013. "The effects of a spruce bark beetle outbreak and wildfires on property values in the wildland–urban interface of south-central Alaska, USA," Ecological Economics, Elsevier, vol. 96(C), pages 141-154.
  2. Zhen Xu & G. Cornelis van Kooten, 2013. "Living with Wildfire: The Impact of Historic Fires on Property Values in Kelowna, BC," Working Papers 2013-05, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group.

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