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The Effects of Open Space on Residential Property Values
Abstract
The marginal values of different open space attributes are tested using a hedonic pricing model with residential sales data from central Maryland. The identification problems that arise due to endogenous land use spillovers and unobserved spatial correlation are addressed using instrumental variables estimation with a randomly drawn subset of the data that omits nearest neighbors. Results show a premium associated with permanently preserved open space relative to developable agricultural and forested lands and support the hypothesis that open space is most valued for providing an absence of development, rather than for providing a particular bundle of open space amenities. (JEL R52)
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Citations
Cited by
Open space, residential property values, and spatial context
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FARBER, S., COSTANZA, R., CHILDERS, D. L., ERICKSON, J., GROSS, K., GROVE, M., HOPKINSON, C. S., KAHN, J., PINCETL, S., TROY, A., et al. (2006) · BioScience · doi:10.1641/0006-3568(2006)056[0121:leaefe]2.0.co;2 · Cited by 445
Mueller, J., Loomis, J., & González-Cabán, A. (2009) · The Journal of Real Estate Finance and Economics · doi:10.1007/s11146-007-9083-1 · Cited by 127
‘Spillovers from conservation programs’
Pfaff, A., & Robalino, J. (2017) · Annual Review of Resource Economics · doi:10.1146/annurev-resource-100516-053543 · Cited by 113
A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development
Mazzotta, M., Besedin, E., & Speers, A. (2014) · Resources · doi:10.3390/resources3010031 · Cited by 31
Metadata
- Authors
- Irwin, E. G.
- Venue
- Land Economics
- Publisher
- University of Wisconsin Press
- Published
- 2002-11
- Volume
- 78
- Issue
- 4
- Pages
- 465-480
- ISSN
- 0023-7639 (ISSN-L)
- 1543-8325
- OpenAlex
- W2137268092
- Cited by
- 648
- References
- 0
- FWCI
- 41.48
- Type
- journal article
- Language
- en
- Open access
- closed
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