IDEAS home Printed from https://ideas.repec.org/a/uwp/landec/v78y2002i4p465-480.html
   My bibliography  Save this article

The Effects of Open Space on Residential Property Values

Author

Listed:
  • Elena G. Irwin

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.

Suggested Citation

  • Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
    • Handle: RePEc:uwp:landec:v:78:y:2002:i:4:p:465-480
    as

    Download full text from publisher

    File URL: http://le.uwpress.org/cgi/reprint/78/4/465
    Download Restriction: A subscripton is required to access pdf files. Pay per article is available.
    ---><---

    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. Bergstrom, John C. & Dillman, B. L. & Stoll, John R., 1985. "Public Environmental Amenity Benefits of Private Land: The Case of Prime Agricultural Land," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(1), pages 139-149, July.
    2. Charles F. Manski, 1993. "Identification of Endogenous Social Effects: The Reflection Problem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 60(3), pages 531-542.
    3. Halstead, John M., 1984. "Measuring the Nonmarket Value of Massachusetts Agricultural Land: A Case Study," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-8, April.
    4. Heimlich, Ralph E. & Anderson, William D., 2001. "Development At The Urban Fringe And Beyond: Impacts On Agriculture And Rural Land," Agricultural Economic Reports 33943, United States Department of Agriculture, Economic Research Service.
    5. Gerald C. Nelson & Daniel Hellerstein, 1997. "Do Roads Cause Deforestation? Using Satellite Images in Econometric Analysis of Land Use," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 80-88.
    6. Halstead, John M., 1984. "Measuring the Nonmarket Value of Massachusetts Agricultural Land: A Case Study," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 13(01), pages 1-8, April.
    7. repec:bla:econom:v:62:y:1995:i:246:p:247-67 is not listed on IDEAS
    8. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
    9. Bowker, James Michael & Didychuk, D.D., 1994. "Estimation Of The Nonmarket Benefits Of Agricultural Land Retention In Eastern Canada," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(2), pages 1-8, October.
    10. 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.
    11. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-675, November.
    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. Joshua Duke & Lori Lynch, 2007. "Gauging support for innovative farmland preservation techniques," Policy Sciences, Springer;Society of Policy Sciences, vol. 40(2), pages 123-155, June.
    2. Ready, Richard C. & Abdalla, Charles W., 2003. "The Amenity And Disamenity Impacts Of Agriculture: Estimates From A Hedonic Pricing Model In Southeastern Pennsylvania," 2003 Annual meeting, July 27-30, Montreal, Canada 22196, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Bergstrom, John, 1999. "Exploring and Expanding the Landscape Values Terrain," Western Region Archives 321704, Western Region - Western Extension Directors Association (WEDA).
    4. Bergstrom, John C., 1998. "Exploring And Expanding The Landscape Values Terrain," Faculty Series 16653, University of Georgia, Department of Agricultural and Applied Economics.
    5. Dietrich Earnhart, 2006. "Using Contingent-Pricing Analysis to Value Open Space and Its Duration at Residential Locations," Land Economics, University of Wisconsin Press, vol. 82(1), pages 17-35.
    6. Lynch, Lori & Duke, Joshua M., 2007. "Economic Benefits of Farmland Preservation: Evidence from the United States," Working Papers 7342, University of Maryland, Department of Agricultural and Resource Economics.
    7. Bergstrom, John C., 2001. "Postproductivism And Rural Land Values," Faculty Series 16689, University of Georgia, Department of Agricultural and Applied Economics.
    8. Geoghegan, Jacqueline & Lynch, Lori & Bucholtz, Shawn, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Cambridge University Press, vol. 32(1), pages 33-45, April.
    9. Skaggs, Rhonda K. & Harper, Wilmer M., 1999. "Predicting Land Purchase Behavior In A Fast Growth, Intensely Agricultural County," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35711, Western Agricultural Economics Association.
    10. Duke, Joshua M. & Johnston, Robert J., 2006. "Systematic Influences of Policy Implementation and Conservation Agents on Willingness to Pay for Land Preservation," 2006 Annual meeting, July 23-26, Long Beach, CA 21234, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Bergstrom, John C., 2001. "The Role And Value Of Natural Capital In Regional Landscapes," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(2), pages 1-14, August.
    12. Hellerstein, Daniel & Nickerson, Cynthia J. & Cooper, Joseph C. & Feather, Peter & Gadsby, Dwight M. & Mullarkey, Daniel J. & Tegene, Abebayehu & Barnard, Charles H., 2002. "Farmland Protection: The Role Of Public Preferences For Rural Amenities," Agricultural Economic Reports 33963, United States Department of Agriculture, Economic Research Service.
    13. Kathryn Anderson & Diana Weinhold, 2005. "Do Conservation Easements Reduce Land Prices? The Case of South Central Wisconsin," Urban/Regional 0506001, University Library of Munich, Germany.
    14. Thomas J. Nechyba & Randall P. Walsh, 2004. "Urban Sprawl," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 177-200, Fall.
    15. Anderson, Kathryn & Weinhold, Diana, 2008. "Valuing future development rights: The costs of conservation easements," Ecological Economics, Elsevier, vol. 68(1-2), pages 437-446, December.
    16. Bayoh, Isaac & Irwin, Elena G. & Roe, Brian E., 2004. "The Value Of Clean Dairy Air: Accounting For Endogeneity And Spatially Correlated Errors In A Hedonic Analyses Of The Impact Of Animal Operations On Local Property Values," 2004 Annual meeting, August 1-4, Denver, CO 20364, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    17. John C. Bergstrom & Richard C. Ready, 2009. "What Have We Learned from Over 20 Years of Farmland Amenity Valuation Research in North America?," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 31(1), pages 21-49.
    18. Kline, Jeffrey & Wichelns, Dennis, 1998. "Measuring heterogeneous preferences for preserving farmland and open space," Ecological Economics, Elsevier, vol. 26(2), pages 211-224, August.
    19. Lovell, Sabrina J. & Lynch, Lori, 2002. "Hedonic Price Analysis Of Easement Payments In Agricultural Land Preservation Programs," Working Papers 28564, University of Maryland, Department of Agricultural and Resource Economics.
    20. Mackenzie, John, 1991. "Valuation Of Open Space As A Composite Environmental Good Via Conjoint Analysis," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271166, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    More about this item

    JEL classification:

    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations

    Statistics

    Access and download statistics

    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:uwp:landec:v:78:y:2002:i:4:p:465-480. 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: the person in charge (email available below). General contact details of provider: http://le.uwpress.org/ .

    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.