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The amenity value of woodland in Great Britain: A comparison of economic estimates

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  • Guy Garrod
  • Ken Willis

Abstract

Forests produce benefits over and above the revenue yielded from timber and other wood based products. Most important among these may be the recreational benefits for visitors, which have been examined in several studies. Total benefits for residents are perhaps more accurately captured in property values since, ceteris paribus, the price of a house reflects willingness to pay to live near an environmental amenity such as a forest to gain access to it, and also the amenity (non-use) value of the forest in so far as it creates a pleasant landscape. However, the total non-priced value of forestry is not the sum of HPM and ITCM benefit estimates. Recreational benefits will typically be less, and will be subsumed in the HPM estimates, since the hedonic price is partly induced by the value of recreational access. Copyright Kluwer Academic Publishers 1992

Suggested Citation

  • Guy Garrod & Ken Willis, 1992. "The amenity value of woodland in Great Britain: A comparison of economic estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(4), pages 415-434, July.
  • Handle: RePEc:kap:enreec:v:2:y:1992:i:4:p:415-434
    DOI: 10.1007/BF00304970
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Mikołaj Czajkowski & Wiktor Budziński & Danny Campbell & Marek Giergiczny & Nick Hanley, 2017. "Spatial Heterogeneity of Willingness to Pay for Forest Management," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(3), pages 705-727, November.
    2. Geoghegan, Jacqueline & Lynch, Lori & Bucholtz, Shawn, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Cambridge University Press, vol. 32(01), pages 33-45, April.
    3. Robert W. Paterson & Kevin J. Boyle, 2002. "Out of Sight, Out of Mind? Using GIS to Incorporate Visibility in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 78(3), pages 417-425.
    4. Walpole, Sandra C. & Lockwood, Michael, 1999. "Influence of remnant native vegetation on rural land values: a hedonic pricing application," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 125032, Australian Agricultural and Resource Economics Society.
    5. Stijn Reinhard & Aris Gaaff, 2006. "Cost-Benefit Analysis in Planning Processes: An Interactive Instrument in an Integrated Approach," ERSA conference papers ersa06p402, European Regional Science Association.
    6. Scarpa, Riccardo & Chilton, Susan M. & Hutchinson, W. George & Buongiorno, Joseph, 2000. "Valuing the recreational benefits from the creation of nature reserves in Irish forests," Ecological Economics, Elsevier, vol. 33(2), pages 237-250, May.
    7. Rose, Steven K., 1999. "Non-Market Valuation Techniques: The State of the Art," Working Papers 127688, Cornell University, Department of Applied Economics and Management.
    8. Paula Simões & Luís Cruz & Eduardo Barata, 2012. "Non-market Recreational Value of a National Forest: Survey Design and Results," GEMF Working Papers 2012-09, GEMF, Faculty of Economics, University of Coimbra.
    9. Holmes, Thomas P. & Liebhold, Andrew M. & Kovacs, Kent F. & Von Holle, Betsy, 2010. "A spatial-dynamic value transfer model of economic losses from a biological invasion," Ecological Economics, Elsevier, vol. 70(1), pages 86-95, November.
    10. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
    11. Guy Garrod & Ken Willis, 1994. "An economic estimate of the effect of a waterside location on property values," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 4(2), pages 209-217, April.
    12. Paulo A.L.D. Nunes & C. Martijn van der Heide & Jeroen C.J.M. van den Bergh & Ekko C. van Ierland, 2005. "Measuring the Economic Value of Two Habitat Defragmentation Policy Scenarios for the Veluwe, The Netherlands," Working Papers 2005.42, Fondazione Eni Enrico Mattei.
    13. Holmes, Thomas P. & Murphy, Elizabeth A. & Bell, Kathleen P., 2006. "Exotic Forest Insects and Residential Property Values," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 35(1), April.
    14. Fabian Waltert & Felix Schlaepfer, 2007. "The role of landscape amenities in regional development: a survey of migration, regional economic and hedonic pricing studies," SOI - Working Papers 0710, Socioeconomic Institute - University of Zurich.

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