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A Dynamic Approach to Estimating Hedonic Prices for Environmental Goods: An Application to Open Space Purchase

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  • Mary Riddel

Abstract

If housing markets exhibit slow adjustment to system shocks, then hedonic estimates of the price impact from environmental amenity trends may be time variant. This paper suggests an alternative to the cross-sectional model for estimating hedonic prices using an error correction approach that allows for endogenous environmental quality. The model is applied to data concerning an open space purchase program in Boulder, Colorado, and shows that the economic impact of an open space purchase takes several years to be fully realized. This observation questions using cross-sectional, hedonic models for evaluating willingness to pay for time-trended environmental amenities.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 77 (2001)
Issue (Month): 4 ()
Pages: 494-512

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Handle: RePEc:uwp:landec:v:77:y:2001:i:4:p:494-512

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Web page: http://le.uwpress.org/

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Cited by:
  1. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 36(6), pages 773-789, November.
  2. Munroe, Darla K. & Parker, Dawn Cassandra & Campbell, Harrison S., Jr., 2004. "The Varied Impact Of Greenways On Residential Property Values In A Metropolitan, Micropolitan, And Rural Area: The Case Of The Catawba Regional Trail," 2004 Annual meeting, August 1-4, Denver, CO, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 19915, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Wu, JunJie, 2006. "Environmental amenities, urban sprawl, and community characteristics," Journal of Environmental Economics and Management, Elsevier, vol. 52(2), pages 527-547, September.
  4. Fabian Waltert & Felix Schlaepfer, 2007. "The role of landscape amenities in regional development: a survey of migration, regional economic and hedonic pricing studies," SOI - Working Papers, Socioeconomic Institute - University of Zurich 0710, Socioeconomic Institute - University of Zurich.
  5. Zhao, Xiaobing & Fletcher, Jerald J., 2004. "An Optimal Control Approach To Water Quality Trading: Cost-Effective Point/Nonpoint Management In A Watershed Framework," 2004 Annual meeting, August 1-4, Denver, CO, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 20195, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, Elsevier, vol. 70(2), pages 141-152, December.
  7. Langpap, Christian & Hascic, Ivan & Wu, JunJie, 2006. "Predicting Watershed Ecosystems Through Targeted Local Land Use Policies," 2006 Annual meeting, July 23-26, Long Beach, CA, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21262, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Matthew Chadourne & Seong-Hoon Cho & Roland Roberts, 2013. "Identifying priority target areas for the Knoxville–Knox County hillside and ridgetop protection plan: using the value of visual amenity during the real estate boom of 2002–2007 and the recession ," The Annals of Regional Science, Springer, Springer, vol. 50(3), pages 911-934, June.

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