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Maintaining Public Goods: Household Valuation of New and Renovated Local Parks

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  • Livy, Mitchell
  • Klaiber, H. Allen

Abstract

This study re-examines household valuation of local parks to assess the value afforded to specific amenities contained within parks and how those amenities change over time. A large body existing literature studying local parks has found single family residential homeowners are surprisingly willing to pay very little to live in close proximity to these parks. Building on this research, we hypothesize that these results are driven by bundling both positive and negative features of local parks into a single amenity and that these amenities are likely to degrade over time reducing their value. We implement property fixed effects models to investigate if unbundling park attributes leads to significantly different willingness to pay insights relative to much of the existing literature using a unique dataset on park renovations. Using renovation data and a rich set of housing transactions, we further explore whether the values placed on specific park attributes change over time, consistent with a depreciating public asset.

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File URL: http://purl.umn.edu/150634
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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. with number 150634.

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Date of creation: 2013
Date of revision:
Handle: RePEc:ags:aaea13:150634

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Related research

Keywords: Hedonic; Open space; Local parks; Renovation; Repeat sales; Community/Rural/Urban Development; Consumer/Household Economics; Public Economics; Research and Development/Tech Change/Emerging Technologies;

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  1. Smith, V. Kerry & Poulos, Christine & Kim, Hyun, 2002. "Treating open space as an urban amenity," Resource and Energy Economics, Elsevier, vol. 24(1-2), pages 107-129, February.
  2. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
  3. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, 07.
  4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  5. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  6. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
  7. Carolyn Kousky, 2010. "Learning from Extreme Events: Risk Perceptions after the Flood," Land Economics, University of Wisconsin Press, vol. 86(3).
  8. Allen Klaiber, H. & Phaneuf, Daniel J., 2010. "Valuing open space in a residential sorting model of the Twin Cities," Journal of Environmental Economics and Management, Elsevier, vol. 60(2), pages 57-77, September.
  9. Elena G. Irwin & Nancy E. Bockstael, 2001. "The Problem of Identifying Land Use Spillovers: Measuring the Effects of Open Space on Residential Property Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 698-704.
  10. Kuminoff, Nicolai V. & Parmeter, Christopher F. & Pope, Jaren C., 2010. "Which hedonic models can we trust to recover the marginal willingness to pay for environmental amenities?," Journal of Environmental Economics and Management, Elsevier, vol. 60(3), pages 145-160, November.
  11. Heimlich, Ralph E. & Anderson, William D., 2001. "Development At The Urban Fringe And Beyond: Impacts On Agriculture And Rural Land," Agricultural Economics Reports 33943, United States Department of Agriculture, Economic Research Service.
  12. Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-37, March-May.
  13. Parsons, George R., 1992. "The effect of coastal land use restrictions on housing prices: A repeat sale analysis," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 25-37, January.
  14. Jeffrey M. Wooldridge, 2003. "Cluster-Sample Methods in Applied Econometrics," American Economic Review, American Economic Association, vol. 93(2), pages 133-138, May.
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Cited by:
  1. Walls, Margaret & Kousky, Carolyn & Chu, Ziyan, 2013. "Is What You See What You Get? The Value of Natural Landscape Views," Discussion Papers dp-13-25, Resources For the Future.

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