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Intra-Regional Amenities, Wages, and Home Prices: The Role of Forests in the Southwest

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  • Michael S. Hand
  • Jennifer A. Thacher
  • Daniel W. McCollum
  • Robert P. Berrens

Abstract

Forests provide non-market goods and services that people are implicitly willing to pay for through hedonic housing and labor markets. But it is unclear if compensating differentials arise in these markets at the regional level. This empirical question is addressed in a study of Arizona and New Mexico. Hedonic regressions of housing prices and wages using census and geographic data show that forest area carries an implicit price of between $27 and $36 per square mile annually. Compensating differentials at the regional level suggest that care must be taken when applying the travel cost method to value regionally delineated characteristics

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Bibliographic Info

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

Volume (Year): 84 (2008)
Issue (Month): 4 ()
Pages: 635-651

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Handle: RePEc:uwp:landec:v:84:y:2008:i:4:p:635-651

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

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Cited by:
  1. Abildtrup, Jens & Garcia, Serge & Olsen, Søren Bøye & Stenger, Anne, 2013. "Spatial preference heterogeneity in forest recreation," Ecological Economics, Elsevier, Elsevier, vol. 92(C), pages 67-77.
  2. Hand, Michael S. & Thacher, Jennifer A. & McCollum, Daniel W. & Berrens, Robert P., 2008. "Forest Amenities and Location Choice in the Southwest," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, Western Agricultural Economics Association, vol. 33(2), August.
  3. Price, James I. & McCollum, Daniel W. & Berrens, Robert P., 2010. "Insect infestation and residential property values: A hedonic analysis of the mountain pine beetle epidemic," Forest Policy and Economics, Elsevier, Elsevier, vol. 12(6), pages 415-422, July.
  4. 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.

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