Intra-Regional Amenities, Wages, and Home Prices: The Role of Forests in the Southwest
Forests provide non-market goods and services that people are implicitly willing to pay for through hedonic housing and labor markets. But it is unclear if compensating differentials arise in these markets at the regional level. This empirical question is addressed in a study of Arizona and New Mexico. Hedonic regressions of housing prices and wages using census and geographic data show that forest area carries an implicit price of between $27 and $36 per square mile annually. Compensating differentials at the regional level suggest that care must be taken when applying the travel cost method to value regionally delineated characteristics
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lucie Schmidt & Paul N. Courant, 2006.
"Sometimes Close Is Good Enough: The Value Of Nearby Environmental Amenities,"
Journal of Regional Science,
Wiley Blackwell, vol. 46(5), pages 931-951.
- Lucie Schmidt & Paul N. Courant, 2003. "Sometimes Close is Good Enough: The Value of Nearby Environmental Amenities," Department of Economics Working Papers 2003-07, Department of Economics, Williams College.
- Graves, Philip E. & Arthur, Michelle M. & Sexton, Robert L., 1999. "Amenities and the labor earnings function," MPRA Paper 19911, University Library of Munich, Germany.
- Dora L. Costa & Matthew E. Kahn, 2003. "The Rising Price of Nonmarket Goods," American Economic Review, American Economic Association, vol. 93(2), pages 227-232, May.
- Acharya, Gayatri & Bennett, Lynne Lewis, 2001. "Valuing Open Space and Land-Use Patterns in Urban Watersheds," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 221-237, March-May.
- Gawande, Kishore & Bohara, Alok K. & Berrens, Robert P. & Wang, Pingo, 2000. "Internal migration and the environmental Kuznets curve for US hazardous waste sites," Ecological Economics, Elsevier, vol. 33(1), pages 151-166, April.
- Blanchflower, David G & Oswald, Andrew J, 1994. "Estimating a Wage Curve for Britain: 1973-90," Economic Journal, Royal Economic Society, vol. 104(426), pages 1025-1043, September. Full references (including those not matched with items on IDEAS)