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Maintaining Public Goods: The Capitalized Value of Local Park Renovations

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  • Mitchell R. Livy
  • H. Allen Klaiber

Abstract

This study provides new evidence of the capitalized value of local parks by estimating the impact on surrounding home prices associated with renovations of specific local park attributes. These results shed light on an empirical puzzle in the existing literature that single-family residential homeowners have a surprisingly low valuation associated with living in close proximity to local parks. Using property fixed effects models with time-varying renovations data, we disaggregate the bundle of amenities comprising local parks and find that the capitalization of renovations is heterogeneous and depends on the specific park attributes undergoing renovation.

Suggested Citation

  • Mitchell R. Livy & H. Allen Klaiber, 2016. "Maintaining Public Goods: The Capitalized Value of Local Park Renovations," Land Economics, University of Wisconsin Press, vol. 92(1), pages 96-116.
    • Handle: RePEc:uwp:landec:v:92:y:2016:i:1:p:96-116
    Note: DOI: 10.3368/le.92.1.96
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    Citations

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    Cited by:

    1. Daams, Michiel N. & Sijtsma, Frans J. & Veneri, Paolo, 2019. "Mixed monetary and non-monetary valuation of attractive urban green space: A case study using Amsterdam house prices," Ecological Economics, Elsevier, vol. 166(C), pages 1-1.
    2. Mitchell R. Livy, 2020. "Extreme natural events are associated with significant economic losses and expected to increase in frequency and intensity with time. While previous research has primarily investigated singular event ," Economics Bulletin, AccessEcon, vol. 40(1), pages 665-678.
    3. Polyakov, Maksym & Iftekhar, Md Sayed & Fogarty, James & Buurman, Joost, 2022. "Renewal of waterways in a dense city creates value for residents," Ecological Economics, Elsevier, vol. 199(C).
    4. Irwin, Nicholas B. & Klaiber, H. Allen & Irwin, Elena G., 2017. "Do Stormwater Basins Generate co-Benefits? Evidence from Baltimore County, Maryland," Ecological Economics, Elsevier, vol. 141(C), pages 202-212.
    5. Livy, Mitchell R., 2018. "Intra-school district capitalization of property tax rates," Journal of Housing Economics, Elsevier, vol. 41(C), pages 227-236.
    6. H. Allen Klaiber & Ulrich B. Morawetz, 2021. "The Welfare Impacts of Large Urban Noise Reductions: Implications from Household Sorting in Vienna," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 78(1), pages 121-146, January.
    7. Livy, Mitchell R., 2017. "Catastrophe Capitalization: Estimating Changes in Perceptions of Extreme Natural Events over Time," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258251, Agricultural and Applied Economics Association.
    8. Irwin, Nicholas & Wolf, David, 2022. "Time is money: Water quality's impact on home liquidity and property values," Ecological Economics, Elsevier, vol. 199(C).
    9. Song Zhang & Mark van Duijn & Arno J. van der Vlist, 2020. "The external effects of inner‐city shopping centers: Evidence from the Netherlands," Journal of Regional Science, Wiley Blackwell, vol. 60(4), pages 583-611, September.
    10. Netusil, Noelwah R. & Moeltner, Klaus & Jarrad, Maya, 2019. "Floodplain designation and property sale prices in an urban watershed," Land Use Policy, Elsevier, vol. 88(C).

    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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