Abstract
We estimate hedonic valuation models of local open space separately for 215 cities in the Eastern US, and derive city-specific marginal willingness to pay (MWTP). We then examine variation in MWTP and city-level determinants. Valuation is largely local – relatively large changes in income or existing conservation lead to modest changes in MWTP – suggesting validity of benefit transfer across regions. However, geographic features that naturally limit development do correlate with MWTP. As a result, we examine geographic features as instrumental variables, and find that on average steep slope and water/wetlands yield valuation coefficients of opposite sign, consistent with a LATE interpretation.
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