Evidence on the Amenity Value of Wetlands in a Rural Setting
This study uses a hedonic property price method to estimate how wetlands affect residential property values in a rural area. The study utilizes wetland inventory data coupled with extensive property sales records between January 2000 and September 2004 from Carteret County, NC. Our results indicate that i) a higher wetland percentage within a quarter mile of a property, ii) closer proximity to the nearest wetland, and iii) larger size of the nearest wetland are associated with lower residential property values. These results contrast with previous hedonic studies that use data from urban areas, which found positive associations between wetland and property values. The amenity value of wetlands appears to depend at least as much on the characteristics of the area being considered as it does on the characteristics of the wetlands.
Volume (Year): 37 (2005)
Issue (Month): 03 (December)
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- Palmquist, Raymond B., 2006. "Property Value Models," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 2, chapter 16, pages 763-819 Elsevier.
- Dietrich Earnhart, 2001. "Combining Revealed and Stated Preference Methods to Value Environmental Amenities at Residential Locations," Land Economics, University of Wisconsin Press, vol. 77(1), pages 12-29.
- Don N. MacDonald & James C. Murdoch & Harry L. White, 1987. "Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets," Land Economics, University of Wisconsin Press, vol. 63(4), pages 361-371.
- Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
- Leonard Shabman & Michael K. Bertelson, 1979. "The Use of Development Value Estimates for Coastal Wetland Permit Decisions," Land Economics, University of Wisconsin Press, vol. 54(2), pages 213-222.
- Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
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