Abstract
The benefits of large patches of tree canopy are estimated by applying a hedonic price model to the sale of single-family residential properties in Portland, Oregon. The first-stage analysis provides evidence of diminishing returns from increasing tree canopy past a certain level. The second-stage analysis uses a survey of property owners’ preferences and socioeconomic characteristics to overcome the problem of endogeneity. Average benefit estimates for the mean canopy cover within ¼ mile of properties in the study area, using the second-stage model, are between 0.75% and 2.52% of the mean sale price. (JEL Q21, Q51)
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