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Benefits From Urban Open Space and Recreational Parks: A Case Study

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  • Hagerty, John K.
  • Stevens, T.H.
  • Allen, P. Geoffrey
  • More, T.

Abstract

The hedonic pricing technique was used to measure that component of house price attributable to proximity to a city park, using data on sale prices and characteristics of houses in Worcester, MA. Aggregation of these residual values over all houses in the neighborhood of a park provided an estimate of the value of the park, to which was added an estimate of recreation benefits from extrazonal users. '!he policy question of park system development or contraction was addressed by comparing these benefits with operating costs to gain a net measure of parkland value.

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  • Hagerty, John K. & Stevens, T.H. & Allen, P. Geoffrey & More, T., 1982. "Benefits From Urban Open Space and Recreational Parks: A Case Study," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 11(1), pages 1-8.
    • Handle: RePEc:ags:nareaj:159780
    DOI: 10.22004/ag.econ.159780
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    1. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
    2. Bishop, Richard C. & Heberlein, Thomas A., 1979. "Measuring Values Of Extramarket Goods: Are Indirect Measures Biased?," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 277818, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, vol. 56(2), pages 125-141.
    4. James W. Kitchen & William S. Hendon, 1967. "Land Values Adjacent to an Urban Neighborhood Park," Land Economics, University of Wisconsin Press, vol. 43(3), pages 357-360.
    5. Richard C. Bishop & Thomas A. Heberlein, 1979. "Measuring Values of Extramarket Goods: Are Indirect Measures Biased?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 926-930.
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    Cited by:

    1. Jones, M. & Reed, R.G., 2018. "Open space amenities and residential land use: An Australian perspective," Land Use Policy, Elsevier, vol. 75(C), pages 1-10.

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