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Amenities in an Urban Equilibrium Model: Residential Development in Portland, Oregon

  • JunJie Wu
  • Richard M. Adams
  • Andrew J. Plantinga

This paper estimates the effects of reduce water quality, and pollute, disturb open space and other amenities on housing prices or destroy natural habitats for wildlife. and development density in Portland, Oregon, Open space takes many forms. City within the framework of an urban equilibrium parks provide some types of recreational model. Amenities are important: households are and visual amenities. willing to pay more for newer houses located in Greenbelts and ecoareas of less dense development, with more open logical reserves typically are larger than space, better views, less traffic congestion, and city parks and ofter natural, open-space near amenity locations. For the developers, in- areas that provide a broad range of sercreases in housing prices results in providing vices. The experience of cities with ambimore large houses, which will ultimately lead to tious open space policies, such as Porthigher density and lower housing prices. A simu- land, Oregon, and Boulder, Colo rado, lation analysis evaluates policy im plications and suggests that such policies have a signifiindicates substantial benefits from alterations in cant effect on property values. Preserving housing patterns.

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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 80 (2004)
Issue (Month): 1 ()
Pages: 19-32

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Handle: RePEc:uwp:landec:v:80:y:2004:i:1:p:19-32
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  1. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, June.
  2. JunJie Wu, 2001. "Environmental Amenities and the Spatial Pattern of Urban Sprawl," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 691-697.
  3. 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.
  4. Anas, Alex & Arnott, Richard & Small, Kenneth A., 1997. "Urban Spatial Structure," University of California Transportation Center, Working Papers qt835049q3, University of California Transportation Center.
  5. Elena G. Irwin & Nancy E. Bockstael, 2001. "The Problem of Identifying Land Use Spillovers: Measuring the Effects of Open Space on Residential Property Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 698-704.
  6. Carpenter, Bruce E. & Heffley, Dennis R., 1982. "Spatial-equilibrium analysis of transferable development rights," Journal of Urban Economics, Elsevier, vol. 12(2), pages 238-261, September.
  7. Cheshire, Paul & Sheppard, Stephen, 1995. "On the Price of Land and the Value of Amenities," Economica, London School of Economics and Political Science, vol. 62(246), pages 247-67, May.
  8. Brueckner, J.K. & Thisse, J.-F. & Zenou, Y., 1996. "Why is central Paris rich and downtown Detroit poor ? An amenity-based theory," CORE Discussion Papers 1996065, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. Wu, JunJie & Plantinga, Andrew J., 2003. "The influence of public open space on urban spatial structure," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 288-309, September.
  10. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  11. 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.
  12. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
  13. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Marginal Price Of Lake Recreation And Aesthetics: An Hedonic Approach," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(01), July.
  14. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March.
  15. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
  16. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
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