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Variation in Valuation: Open Space and Geography

Author

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  • Alex Blanchette
  • Corey Lang
  • Jarron VanCeylon

Abstract

We estimate hedonic valuation models of local open space separately for 215 cities in the eastern United States and derive city-specific marginal willingness to pay (MWTP). We then examine variation in MWTP and city-level determinants. Valuation is largely local–relatively large changes in income or existing conservation lead to modest changes in MWTP–suggesting validity of benefit transfer across regions. However, geographic features that naturally limit development correlate with MWTP. As a result, we examine geographic features as instrumental variables and find that on average steep slope and water/wetlands yield valuation coefficients of opposite sign, consistent with a local average treatment effect interpretation.

Suggested Citation

  • Alex Blanchette & Corey Lang & Jarron VanCeylon, 2021. "Variation in Valuation: Open Space and Geography," Land Economics, University of Wisconsin Press, vol. 97(4), pages 768-780.
    • Handle: RePEc:uwp:landec:v:97:y:2021:i:4:p:768-780
    Note: DOI: 10.3368/le.97.4.011720-0005R
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    File URL: http://le.uwpress.org/cgi/reprint/97/4/768
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    Cited by:

    1. Dong, Luran & Gaur, Vasundhara & Lang, Corey, 2023. "Property value impacts of onshore wind energy in New England: The importance of spatial heterogeneity and temporal dynamics," Energy Policy, Elsevier, vol. 179(C).

    More about this item

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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