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Evidence on the Amenity Value of Wetlands in a Rural Setting

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  • Bin, Okmyung
  • Polasky, Stephen

Abstract

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.

Suggested Citation

  • Bin, Okmyung & Polasky, Stephen, 2005. "Evidence on the Amenity Value of Wetlands in a Rural Setting," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 37(03), December.
  • Handle: RePEc:ags:joaaec:42789
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
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    Citations

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    Cited by:

    1. Ann Hodgkinson & Abbas Valadkhani, 2009. "Community Valuations of Environmental Quality in Coastal Lakes: Lake Illawarra Case Study," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 155-168, June.
    2. Bark, R.H. & Osgood, D.E. & Colby, B.G. & Katz, G. & Stromberg, J., 2009. "Habitat preservation and restoration: Do homebuyers have preferences for quality habitat?," Ecological Economics, Elsevier, vol. 68(5), pages 1465-1475, March.
    3. Mani Nepal, "undated". "Where gathering firewood matters: Proximity and forest management effects in hedonic pricing models for rural Nepal," Working papers 113, The South Asian Network for Development and Environmental Economics.
    4. Partha Dasgupta, 2009. "The Welfare Economic Theory of Green National Accounts," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(1), pages 3-38, January.
    5. Yusep Suparman & Henk Folmer & Johan H.L. Oud, 2016. "The willingness to pay for in-house piped water in urban and rural Indonesia," Papers in Regional Science, Wiley Blackwell, vol. 95(2), pages 407-426, June.
    6. Boyd, James & Krupnick, Alan, 2009. "The Definition and Choice of Environmental Commodities for Nonmarket Valuation," Discussion Papers dp-09-35, Resources For the Future.
    7. Dasgupta, Partha, 2010. "The Place of Nature in Economic Development," Handbook of Development Economics, Elsevier.
    8. Jeffrey P. Cohen & Robert G. Cromley & Kevin T. Banach, 2015. "Are Homes Near Water Bodies and Wetlands Worth More or Less? An Analysis of Housing Prices in One Connecticut Town," Growth and Change, Wiley Blackwell, vol. 46(1), pages 114-132, March.

    More about this item

    Keywords

    hedonic prices; housing market; rural area; wetlands; D12; Q24; Q26; R21;

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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