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Values of environmental landscape amenities during the 2000-2006 real estate boom and subsequent 2008 recession

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Author Info

  • Seong-Hoon Cho
  • Seung Gyu Kim
  • Roland Roberts

Abstract

This research suggests that consumers' marginal willingness to pay for environmental landscape attributes, such as water view, developed open space and forest-land open space, decreased during the 2008 recession compared to the 2000-2006 real estate boom. Estimates were obtained from a spatial hedonic housing price model after controlling for household location patterns and structural differences between the periods. Because the decline in amenity values was probably due to a temporary deterioration in economic conditions, the amenity values will probably rebound with economic recovery. Thus, development decisions based on the lower estimated amenity values measured during a temporary deterioration in economic conditions may be determined suboptimal post-economic recovery.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09640568.2010.502760
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Journal of Environmental Planning and Management.

Volume (Year): 54 (2011)
Issue (Month): 1 ()
Pages: 71-91

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Handle: RePEc:taf:jenpmg:v:54:y:2011:i:1:p:71-91

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Web page: http://www.tandfonline.com/CJEP20

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Related research

Keywords: environmental amenity; landscape; real estate boom; recession; spatial hedonic model;

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Cited by:
  1. Rickman, Dan S. & Guettabi, Mouhcine, 2013. "The Great Recession and Nonmetropolitan America," MPRA Paper 44829, University Library of Munich, Germany.

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