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The Effects of Scenic and Environmental Amenities on Agricultural Land Values

Author

Listed:
  • Wasson, James
  • McLeod, Donald M.
  • Bastian, Christopher T.
  • Rashford, Benjamin S.

Abstract

Ascribing land value solely to productive capacity does not accurately capture the impact environmental amenities provide on western land prices. Agricultural land prices in Wyoming are estimated using a hedonic price model and Geographic Information Sciences (GIS) data. These GIS measurements include on-parcel wildlife and fish habitat, viewscape attributes and distance to protected federal lands. A feasible generalized least squares (FGLS) approach is used to address both spatial autocorrelation and heteroscedasticity. The estimation is robust and highly significant. Results indicate that amenities as well as productivity are significant in explaining land values for the sample analyzed. Such information is useful for landscape management in the face of amenity threatening parcel fragmentation.

Suggested Citation

  • Wasson, James & McLeod, Donald M. & Bastian, Christopher T. & Rashford, Benjamin S., 2010. "The Effects of Scenic and Environmental Amenities on Agricultural Land Values," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61597, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea10:61597
    DOI: 10.22004/ag.econ.61597
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    Cited by:

    1. Roy, René & Thomassin, Paul J., 2014. "Estimating a Natural Capital Account for Agricultural Land," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170516, Agricultural and Applied Economics Association.
    2. Estebania Teyeliz Martínez-Jiménez & Julie Le Gallo & Enrique Pérez-Campuzano & Alonso Aguilar Ibarra, 2022. "The effects of land price in the peri-urban fringe of Mexico City: Environmental amenities for informal land parcel purchasers," Urban Studies, Urban Studies Journal Limited, vol. 59(1), pages 222-241, January.

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