Advanced Search
MyIDEAS: Login to save this paper or follow this series

Valuing environmental assets on rural lifestyle properties

Contents:

Author Info

  • Polyakov, Maksym
  • Pannell, David J.
  • Pandit, Ram
  • Tapsuwan, Sorada
  • Park, Geoff

Abstract

Changing land-ownership patterns transform many rural landscapes from agricultural to multifunctional, which may have significant implications for land management and conservation policy. This paper presents a hedonic pricing model that quantifies the value of the remnant native vegetation captured by owners of rural lifestyle properties in rural Victoria, Australia. Remnant native vegetation has a positive but diminishing marginal implicit price. The value of lifestyle properties is maximized when their proportion of area occupied by native vegetation is about 40%. Most lifestyle landowners would receive benefits from increasing the area of native vegetation on their land. Findings from this study will be used to support decisions about ecological restoration on private lands in fragmented agriculture-dominated landscapes.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://purl.umn.edu/126941
Download Restriction: no

Bibliographic Info

Paper provided by University of Western Australia, School of Agricultural and Resource Economics in its series Working Papers with number 126941.

as in new window
Length:
Date of creation: 25 Jun 2012
Date of revision:
Handle: RePEc:ags:uwauwp:126941

Contact details of provider:
Postal: 35 Stirling Highway, Crawley, WA 6009
Phone: (61) (8) 6488 1757
Fax: (61) (8) 6488 1098
Email:
Web page: http://www.are.uwa.edu.au/
More information through EDIRC

Related research

Keywords: lifestyle landowners; remnant vegetation; amenity values; spatial hedonic model; Victoria; Environmental Economics and Policy; Land Economics/Use; Q57; Q15;

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Geoffrey H. Donovan & Patricia A. Champ & David T. Butry, 2007. "Wildfire Risk and Housing Prices: A Case Study from Colorado Springs," Land Economics, University of Wisconsin Press, vol. 83(2), pages 217-233.
  2. David J. Pannell, 2008. "Public Benefits, Private Benefits, and Policy Mechanism Choice for Land-Use Change for Environmental Benefits," Land Economics, University of Wisconsin Press, vol. 84(2), pages 225-240.
  3. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
  4. Kelejian, Harry H. & Prucha, Ingmar R., 2010. "Specification and estimation of spatial autoregressive models with autoregressive and heteroskedastic disturbances," Journal of Econometrics, Elsevier, vol. 157(1), pages 53-67, July.
  5. David L. Chicoine, 1981. "Farmland Values at the Urban Fringe: An Analysis of Sale Prices," Land Economics, University of Wisconsin Press, vol. 57(3), pages 353-362.
  6. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
  7. Vincent E. Breneman & Richard F. Nehring, 2006. "Urban Sprawl and Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(4), pages 915-929.
  8. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
  9. Ma, Shan & Swinton, Scott M., 2011. "Valuation of ecosystem services from rural landscapes using agricultural land prices," Ecological Economics, Elsevier, vol. 70(9), pages 1649-1659, July.
  10. Yong Tu & Hua Sun & Shi-Ming Yu, 2007. "Spatial Autocorrelations and Urban Housing Market Segmentation," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 385-406, April.
  11. Torell, L. Allen & Rimbey, Neil R. & Ramirez, Octavio A. & McCollum, Daniel W., 2005. "Income Earning Potential versus Consumptive Amenities in Determining Ranchland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(03), December.
  12. Elena G. Irwin & Andrew M. Isserman & Maureen Kilkenny & Mark D. Partridge, 2010. "A Century of Research on Rural Development and Regional Issues," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(2), pages 522-553.
  13. Nicholas Gill & Peter Klepeis & Laurie Chisholm, 2010. "Stewardship among lifestyle oriented rural landowners," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(3), pages 317-334.
  14. David Maddison, 2009. "A Spatio-temporal Model of Farmland Values," Journal of Agricultural Economics, Wiley Blackwell, vol. 60(1), pages 171-189.
  15. Polyakov, Maksym & Zhang, Daowei, 2008. "Population Growth and Land Use Dynamics along Urban–Rural Gradient," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(02), August.
  16. Maksym Polyakov & Daowei Zhang, 2008. "Property Tax Policy and Land-Use Change," Land Economics, University of Wisconsin Press, vol. 84(3), pages 396-408.
  17. Pannell, David J. & Wilkinson, Roger, 2009. "Policy mechanism choice for environmental management by non-commercial "lifestyle" rural landholders," Ecological Economics, Elsevier, vol. 68(10), pages 2679-2687, August.
  18. 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..
  19. Polyakov, Maksym & Pannell, David J. & Rowles, Alexei & Park, Geoff & Roberts, Anna M., 2011. "Optimising the spatial pattern of landscape revegetation," 2011 Conference (55th), February 8-11, 2011, Melbourne, Australia 100697, Australian Agricultural and Resource Economics Society.
  20. 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.
  21. Gianfranco Piras, . "sphet: Spatial Models with Heteroskedastic Innovations in R," Journal of Statistical Software, American Statistical Association, vol. 35(i01).
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Bauer, Dana M. & Johnston, Robert J., 2013. "Foreword: The Economics of Rural and Agricultural Ecosystem Services: Purism versus Practicality," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(1), April.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ags:uwauwp:126941. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.