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Accounting for Heterogeneity of Public Lands in Hedonic Property Models

  • Charlotte Ham
  • Patricia A. Champ
  • John B. Loomis
  • Robin M. Reich

Open space lands, national forests in particular, are usually treated as homogeneous entities in hedonic price studies. Failure to account for the heterogeneous nature of public open spaces may result in inappropriate inferences about the benefits of proximate location to such lands. In this study the hedonic price method is used to estimate the marginal values for proximity to the Pike National Forest. The results indicate that specifying the forest as homogeneous overstates the benefits for homes within two miles relative to specifying the forest based on land use characteristics, because the significant negative effect from noise-intensive activities is omitted.

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File URL: http://le.uwpress.org/cgi/reprint/88/3/444
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Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 88 (2012)
Issue (Month): 3 ()
Pages: 444-456

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Handle: RePEc:uwp:landec:v:88:y:2012:iii:1:p:444-456
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Kim, Chong Won & Phipps, Tim T. & Anselin, Luc, 1998. "Measuring The Benefits Of Air Quality Improvement: A Spatial Hedonic Approach," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20959, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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  7. Geoffrey H. Donovan & Patricia A. Champ & David T. Butry, 2007. "Wildfire Risk and Housing Prices: A Case Study from Colorado Springs," Land Economics, University of Wisconsin Press, vol. 83(2), pages 217-233.
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  9. Shultz, Steven D & King, David A, 2001. "The Use of Census Data for Hedonic Price Estimates of Open-Space Amenities and Land Use," The Journal of Real Estate Finance and Economics, Springer, vol. 22(2-3), pages 239-52, March-May.
  10. Loomis, John, 2004. "Do nearby forest fires cause a reduction in residential property values?," Journal of Forest Economics, Elsevier, vol. 10(3), pages 149-157, November.
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  13. Michael S. Hand & Jennifer A. Thacher & Daniel W. McCollum & Robert P. Berrens, 2008. "Intra-Regional Amenities, Wages, and Home Prices: The Role of Forests in the Southwest," Land Economics, University of Wisconsin Press, vol. 84(4), pages 635-651.
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