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A semiparametric hedonic model for valuing wetlands

  • Okmyung Bin
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    A semiparametric hedonic price function is estimated to examine the effects of proximity to wetlands on property values using extensive wetland inventory and housing market data from Portland-Oregon, USA. The semiparametric method used in this study allows for estimation of the hedonic price function with flexible functional form and is computationally easier than most non-parametric models. Four general categories of wetlands - open water, emergent vegetation, forested and scrub shrub wetlands - are differentiated. The results indicate that proximity to open water wetlands has a positive association with property values, while the other types of wetlands have either a negative or insignificant relationship.

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    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 12 (2005)
    Issue (Month): 10 ()
    Pages: 597-601

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    Handle: RePEc:taf:apeclt:v:12:y:2005:i:10:p:597-601
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    1. Carlos Martins-Filho & Okmyung Bin, 2005. "Estimation of hedonic price functions via additive nonparametric regression," Empirical Economics, Springer, vol. 30(1), pages 93-114, January.
    2. Lupi, Frank & Graham-Tomasi, Theodore & Taff, Steven J., 1991. "A Hedonic Approach To Urban Wetland Valuation," Staff Papers 13284, University of Minnesota, Department of Applied Economics.
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