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

  • Guy Garrod
  • Ken Willis
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    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

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    File URL: http://hdl.handle.net/10.1007/BF00304970
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    Article provided by European Association of Environmental and Resource Economists in its journal Environmental & Resource Economics.

    Volume (Year): 2 (1992)
    Issue (Month): 4 (July)
    Pages: 415-434

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    Handle: RePEc:kap:enreec:v:2:y:1992:i:4:p:415-434
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    1. 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..
    2. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
    3. K. G. Willis & G. D. Garrod, 1991. "An Individual Travel-Cost Method Of Evaluating Forest Recreation," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 33-42.
    4. Kling, Catherine L., 1988. "Comparing Welfare Estimates of Environmental Quality Changes from Recreation Demand Models," Staff General Research Papers 1584, Iowa State University, Department of Economics.
    5. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
    6. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
    7. Kling, Catherine L., 1987. "Simulation Approach to Comparing Multiple Site Recreation Demand Models Using Chesapeake Bay Survey Data (A)," Staff General Research Papers 1583, Iowa State University, Department of Economics.
    8. McConnell, Kenneth E., 1985. "The economics of outdoor recreation," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 2, chapter 15, pages 677-722 Elsevier.
    9. Phil Graves & James C. Murdoch & Mark A. Thayer & Don Waldman, 1988. "The Robustness of Hedonic Price Estimation: Urban Air Quality," Land Economics, University of Wisconsin Press, vol. 64(3), pages 220-233.
    10. G. Donald Jud & James M. Watts, 1981. "Schools and Housing Values," Land Economics, University of Wisconsin Press, vol. 57(3), pages 459-470.
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