Journal article
Estimating the economic value of cultural ecosystem services in an urbanizing area using hedonic pricing
Journal of environmental management, Vol.113, pp.194-205
12/30/2012
DOI: 10.1016/j.jenvman.2012.08.031
PMID: 23025985
Abstract
A need exists to increase both knowledge and recognition of the values associated with ecosystem services and amenities. This article explores the use of hedonic pricing as a tool for eliciting these values. We take a case study approach, valuing several services provided by ecosystems, namely aesthetic quality (views), access to outdoor recreation, and the benefits provided by tree cover in Dakota County, Minnesota, USA. Our results indicate that these services are valued by local residents and that hedonic pricing can be used to elicit at least a portion of this value. We find that many aspects of the aesthetic environment significantly impact home sale prices. Total view area as well as the areas of some land-cover types (water and lawn) in views positively influenced home sale prices while views of impervious surfaces generally negatively influenced home sale price. Access to outdoor recreation areas significantly and positively influenced home sale prices as did tree cover in the neighborhood surrounding a home. These results illustrate the ability of hedonic pricing to identify partial values for ecosystem services and amenities in a manner that is highly relevant to local and regional planning. These values could be used to increase policy-maker and public awareness of ecosystem services and could improve their consideration in planning and policy decisions.
► We use hedonic pricing to elicit the values of cultural ecosystem services. ► Aspects of aesthetic quality impact home prices (e.g., view area, composition). ► Access to outdoor recreation areas positively influences home sale prices. ► Tree cover in the local neighborhood positively influences home sale prices. ► Hedonic pricing is found to able to estimate values for these and other services.
Details
- Title: Subtitle
- Estimating the economic value of cultural ecosystem services in an urbanizing area using hedonic pricing
- Creators
- Heather A Sander - Conservation Biology Graduate Program, University of Minnesota, 187 McNeal Hall, 1985 Buford Avenue, St. Paul, MN 55108, USARobert G Haight - U.S. Forest Service Northern Research Station, 1992 Folwell Ave., St. Paul, MN 55108, USA
- Resource Type
- Journal article
- Publication Details
- Journal of environmental management, Vol.113, pp.194-205
- Publisher
- Elsevier Ltd
- DOI
- 10.1016/j.jenvman.2012.08.031
- PMID
- 23025985
- ISSN
- 0301-4797
- eISSN
- 1095-8630
- Language
- English
- Date published
- 12/30/2012
- Academic Unit
- Geographical and Sustainability Sciences
- Record Identifier
- 9984083994802771
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