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Using Contingent-Pricing Analysis to Value Open Space and Its Duration at Residential Locations

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  • Dietrich Earnhart
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    Abstract

    To estimate benefits from open space adjacent to residences, this paper blends contingent valuation and conjoint analysis within a housing market context. The resulting framework — "contingent-pricing analysis," — represents the stated preference counterpart to hedonic-pricing analysis by asking individuals to state prices for hypothetical housing locations, which include an environmental amenity. Then, it asks individuals to state their willingness to pay for a better and longer lasting environmental amenity. As an advantage over hedonic-pricing analysis, it directly isolates willingness to pay. Results indicate that potentially short-lasting open space adds no value, while preserved open space adds $ 5,066 or 5% to housing value.

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    Bibliographic Info

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

    Volume (Year): 82 (2006)
    Issue (Month): 1 ()
    Pages: 17-35

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    Handle: RePEc:uwp:landec:v:82:y:2006:i:1:p:17-35

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

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    Cited by:
    1. CARUSO, Geoffrey & PEETERS, Dominique & CAVAILHES, Jean & ROUNSEVELL, Mark, . "Spatial configurations in a periurban city. A cellular automata-based microeconomic model," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1986, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Bark, R.H. & Osgood, D.E. & Colby, B.G. & Katz, G. & Stromberg, J., 2009. "Habitat preservation and restoration: Do homebuyers have preferences for quality habitat?," Ecological Economics, Elsevier, Elsevier, vol. 68(5), pages 1465-1475, March.
    3. Paul Asabere & Forrest Huffman, 2009. "The Relative Impacts of Trails and Greenbelts on Home Price," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 38(4), pages 408-419, May.
    4. Donald, Vandegrift & Michael, Lahr, 2007. "Open Space Purchases, House Prices, and the Tax Base," MPRA Paper 6118, University Library of Munich, Germany.
    5. 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.
    6. Paul Asabere, 2014. "The Value of Homes in Cluster Development Residential Districts: The Relative Significance of the Permanent Open Spaces Associated with Clusters," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 48(2), pages 244-255, February.

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