IDEAS home Printed from https://ideas.repec.org/a/eee/ecomod/v484y2023ics0304380023002120.html
   My bibliography  Save this article

Comprehensive evaluation of urban greenspace ecological values marketability through the spatial relationship between housing price and ecosystem services

Author

Listed:
  • Chen, Yu
  • Liu, Gengyuan
  • Yan, Ningyu
  • Yang, Qing
  • Gao, He
  • Su, Liya
  • Santagata, Remo

Abstract

Urban greenspace provides a variety of ecosystem services. A reasonable evaluation of such services, both from an environmental and from an economic point of view, can deliver a more comprehensive and accurate assessment of urban greenspace value and might be helpful for possible future market transactions. There seems to be a spatial correlation between housing price and ecosystem services. The hedonic price model takes into account also the greenspace around the residences. This study proposed a methodological framework combining the emergy accounting method and statistical model, taking Beijing as a case study. The relationship between housing prices and ecosystem services is explored, and the different types of urban ecosystem service are evaluated, taking into account the heterogeneity of different size, distance and perception of greenspaces. Ecological thermodynamics was applied to the housing price characteristic model, accounting for the ecological value embedded in the housing price, and provided a theoretical basis for the ecological value monetization evaluation and urban ecological planning. The results show that the improvement of each unit of ecosystem services value measured by means of the emergy accounting method will increase the housing price by 806.28 yuan per square meter. Small and micro parks have a more positive impact on housing prices than medium and large parks; The positive impact of grassland on housing price is greater than that of woodland, wetland and shrubs; Carbon sequestration has the largest positive impact on housing prices of other kind of ecosystem services. The methodological framework proposed in this study is helpful to further explore the ecosystem services provided by urban greenspace. The quantitative pricing results of different ecosystem services can be used as reference for relevant ecological trading and compensation policies. Qualitative analysis of parks and different ecosystems can provide value for urban greenspace planning.

Suggested Citation

  • Chen, Yu & Liu, Gengyuan & Yan, Ningyu & Yang, Qing & Gao, He & Su, Liya & Santagata, Remo, 2023. "Comprehensive evaluation of urban greenspace ecological values marketability through the spatial relationship between housing price and ecosystem services," Ecological Modelling, Elsevier, vol. 484(C).
    • Handle: RePEc:eee:ecomod:v:484:y:2023:i:c:s0304380023002120
    DOI: 10.1016/j.ecolmodel.2023.110482
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0304380023002120
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ecolmodel.2023.110482?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Campbell, Elliott T. & Tilley, David R., 2014. "Valuing ecosystem services from Maryland forests using environmental accounting," Ecosystem Services, Elsevier, vol. 7(C), pages 141-151.
    2. Giannetti, Biagio F. & Marcilio, Maria De Fatima D.F.B. & Coscieme, Luca & Agostinho, Feni & Liu, Gengyuan & Almeida, Cecilia M.V.B., 2019. "Howard Odum’s “Self-organization, transformity and information”: Three decades of empirical evidence," Ecological Modelling, Elsevier, vol. 407(C), pages 1-1.
    3. Sorada Tapsuwan & Gordon Ingram & Michael Burton & Donna Brennan, 2009. "Capitalized amenity value of urban wetlands: a hedonic property price approach to urban wetlands in Perth, Western Australia ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(4), pages 527-545, October.
    4. Yang, Qing & Liu, Gengyuan & Giannetti, Biagio F. & Agostinho, Feni & M.V.B. Almeida, Cecília & Casazza, Marco, 2020. "Emergy-based ecosystem services valuation and classification management applied to China’s grasslands," Ecosystem Services, Elsevier, vol. 42(C).
    5. Costanza, Robert & d'Arge, Ralph & de Groot, Rudolf & Farber, Stephen & Grasso, Monica & Hannon, Bruce & Limburg, Karin & Naeem, Shahid & O'Neill, Robert V. & Paruelo, Jose, 1998. "The value of the world's ecosystem services and natural capital," Ecological Economics, Elsevier, vol. 25(1), pages 3-15, April.
    6. Courtney A. Collins & Erin K. Kaplan, 2017. "Capitalization of School Quality in Housing Prices: Evidence from Boundary Changes in Shelby County, Tennessee," American Economic Review, American Economic Association, vol. 107(5), pages 628-632, May.
    7. 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.
    8. Costanza, Robert & de Groot, Rudolf & Braat, Leon & Kubiszewski, Ida & Fioramonti, Lorenzo & Sutton, Paul & Farber, Steve & Grasso, Monica, 2017. "Twenty years of ecosystem services: How far have we come and how far do we still need to go?," Ecosystem Services, Elsevier, vol. 28(PA), pages 1-16.
    9. Yang, Qing & Liu, Gengyuan & Casazza, Marco & Campbell, Elliot T. & Giannetti, Biagio F. & Brown, Mark T., 2018. "Development of a new framework for non-monetary accounting on ecosystem services valuation," Ecosystem Services, Elsevier, vol. 34(PA), pages 37-54.
    10. Cho, Seong-Hoon & Bowker, James Michael & Park, William M., 2006. "Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(3), pages 1-23, December.
    11. A. M. Freeman, 1981. "Hedonic Prices, Property Values and Measuring Environmental Benefits: A Survey of the Issues," Palgrave Macmillan Books, in: Steinar Strøm (ed.), Measurement in Public Choice, pages 13-32, Palgrave Macmillan.
    12. Millward, Hugh & Spinney, Jamie & Scott, Darren, 2013. "Active-transport walking behavior: destinations, durations, distances," Journal of Transport Geography, Elsevier, vol. 28(C), pages 101-110.
    13. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).
    14. Cai, Wei & Liu, Conghu & Zhang, Cuixia & Ma, Minda & Rao, Weizhen & Li, Wenyi & He, Kang & Gao, Mengdi, 2018. "Developing the ecological compensation criterion of industrial solid waste based on emergy for sustainable development," Energy, Elsevier, vol. 157(C), pages 940-948.
    15. Xingchi Shen & Pengfei Liu & Yueming (Lucy) Qiu & Anand Patwardhan & Parth Vaishnav, 2021. "Estimation of change in house sales prices in the United States after heat pump adoption," Nature Energy, Nature, vol. 6(1), pages 30-37, January.
    16. Peter Bardsley & Vivek Chaudhri & Gary Stoneham & Loris Strappazzon, 2002. "New Directions in Environmental Policy," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 9(3), pages 211-221.
    17. Silvennoinen, Sveta & Taka, Maija & Yli-Pelkonen, Vesa & Koivusalo, Harri & Ollikainen, Markku & Setälä, Heikki, 2017. "Monetary value of urban green space as an ecosystem service provider: A case study of urban runoff management in Finland," Ecosystem Services, Elsevier, vol. 28(PA), pages 17-27.
    18. Sander, Heather & Polasky, Stephen & Haight, Robert G., 2010. "The value of urban tree cover: A hedonic property price model in Ramsey and Dakota Counties, Minnesota, USA," Ecological Economics, Elsevier, vol. 69(8), pages 1646-1656, June.
    19. Brown, Mark T. & Ulgiati, Sergio, 2016. "Assessing the global environmental sources driving the geobiosphere: A revised emergy baseline," Ecological Modelling, Elsevier, vol. 339(C), pages 126-132.
    20. Arthur H. Darling, 1973. "Measuring Benefits Generated by Urban Water Parks," Land Economics, University of Wisconsin Press, vol. 49(1), pages 23-34.
    21. Richmond, Amy & Kaufmann, Robert K. & Myneni, Ranga B., 2007. "Valuing ecosystem services: A shadow price for net primary production," Ecological Economics, Elsevier, vol. 64(2), pages 454-462, December.
    22. Ma, Chao, 2020. "Momentum and Reversion to Fundamentals: Are They Captured by Subjective Expectations of House Prices?," Journal of Housing Economics, Elsevier, vol. 49(C).
    23. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
    24. Wunder, Sven & Engel, Stefanie & Pagiola, Stefano, 2008. "Taking stock: A comparative analysis of payments for environmental services programs in developed and developing countries," Ecological Economics, Elsevier, vol. 65(4), pages 834-852, May.
    25. Basile, Roberto & Durbán, María & Mínguez, Román & María Montero, Jose & Mur, Jesús, 2014. "Modeling regional economic dynamics: Spatial dependence, spatial heterogeneity and nonlinearities," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 229-245.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Valencia Torres, Angélica & Tiwari, Chetan & Atkinson, Samuel F., 2021. "Progress in ecosystem services research: A guide for scholars and practitioners," Ecosystem Services, Elsevier, vol. 49(C).
    2. Ana Carolina V. Nadalini & Ricardo de Araujo Kalid & Ednildo Andrade Torres, 2021. "Emergy as a Tool to Evaluate Ecosystem Services: A Systematic Review of the Literature," Sustainability, MDPI, vol. 13(13), pages 1-14, June.
    3. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).
    4. Hengyu Pan & Yong Geng & Ji Han & Cheng Huang & Wenyi Han & Zhuang Miao, 2020. "Emergy Based Decoupling Analysis of Ecosystem Services on Urbanization: A Case of Shanghai, China," Energies, MDPI, vol. 13(22), pages 1-25, November.
    5. Jeffrey P. Cohen & Robert G. Cromley & Kevin T. Banach, 2015. "Are Homes Near Water Bodies and Wetlands Worth More or Less? An Analysis of Housing Prices in One Connecticut Town," Growth and Change, Wiley Blackwell, vol. 46(1), pages 114-132, March.
    6. Nathalie Dumax & Anne Rozan & Bénédicte Rulleau, 2020. "“Adapted” Habitat Evaluation Procedure and Choice Experiment: Substitutes or Complements?," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 6(02), pages 1-30, April.
    7. Belcher, Richard N. & Chisholm, Ryan A., 2018. "Tropical Vegetation and Residential Property Value: A Hedonic Pricing Analysis in Singapore," Ecological Economics, Elsevier, vol. 149(C), pages 149-159.
    8. Jacob Macdonald & Sofia Franco, 2016. "Tree canopies, urban green amenities and the residential real estate market: Remote sensing and spatial hedonic applications to Lisbon, Portugal," ERSA conference papers ersa16p640, European Regional Science Association.
    9. Kubiszewski, Ida & Concollato, Luke & Costanza, Robert & Stern, David I., 2023. "Changes in authorship, networks, and research topics in ecosystem services," Ecosystem Services, Elsevier, vol. 59(C).
    10. Raviv, Orna & Shiri, Zemah-Shamir & Ido, Izhaki & Alon, Lotan, 2021. "The effect of wildfire and land-cover changes on the economic value of ecosystem services in Mount Carmel Biosphere Reserve, Israel," Ecosystem Services, Elsevier, vol. 49(C).
    11. Franco, Sofia F. & Macdonald, Jacob L., 2018. "Measurement and valuation of urban greenness: Remote sensing and hedonic applications to Lisbon, Portugal," Regional Science and Urban Economics, Elsevier, vol. 72(C), pages 156-180.
    12. Lee, Dong Joo & Brown, Mark T., 2021. "Estimating the Value of Global Ecosystem Structure and Productivity: A Geographic Information System and Emergy Based Approach," Ecological Modelling, Elsevier, vol. 439(C).
    13. Nápoles-Vértiz, Sonia & Caro-Borrero, Angela, 2024. "Conceptual diversity and application of ecosystem services and disservices: A systematic review," Ecosystem Services, Elsevier, vol. 67(C).
    14. Yang, Qing & Liu, Gengyuan & Casazza, Marco & Campbell, Elliot T. & Giannetti, Biagio F. & Brown, Mark T., 2018. "Development of a new framework for non-monetary accounting on ecosystem services valuation," Ecosystem Services, Elsevier, vol. 34(PA), pages 37-54.
    15. Yonglin Zhang & Xiao Fu & Chencan Lv & Shanlin Li, 2021. "The Premium of Public Perceived Greenery: A Framework Using Multiscale GWR and Deep Learning," IJERPH, MDPI, vol. 18(13), pages 1-16, June.
    16. Sado-Inamura, Yukako & Fukushi, Kensuke, 2019. "Empirical analysis of flood risk perception using historical data in Tokyo," Land Use Policy, Elsevier, vol. 82(C), pages 13-29.
    17. Saloomeh Akbari & Maksym Polyakov & Md Sayed Iftekhar, 2023. "Capitalised nonmarket benefits of multifunctional water‐sensitive urban infrastructure: A case of living streams," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 67(4), pages 524-540, October.
    18. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
    19. Yang, Qing & Liu, Gengyuan & Giannetti, Biagio F. & Agostinho, Feni & M.V.B. Almeida, Cecília & Casazza, Marco, 2020. "Emergy-based ecosystem services valuation and classification management applied to China’s grasslands," Ecosystem Services, Elsevier, vol. 42(C).
    20. Pandit, Ram & Polyakov, Maksym & Sadler, Rohan, 2012. "The importance of tree cover and neighbourhood parks in determining urban property values," 2012 Conference (56th), February 7-10, 2012, Fremantle, Australia 124357, Australian Agricultural and Resource Economics Society.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecomod:v:484:y:2023:i:c:s0304380023002120. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/ecological-modelling .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.