PT  - JOURNAL ARTICLE
AU  - Mitchell R. Livy
AU  - H. Allen Klaiber
TI  - Maintaining Public Goods: The Capitalized Value of Local Park Renovations
AID  - 10.3368/le.92.1.96
DP  - 2016 Feb 01
TA  - Land Economics
PG  - 96--116
VI  - 92
IP  - 1
4099  - http://le.uwpress.org/content/92/1/96.short
4100  - http://le.uwpress.org/content/92/1/96.full
SO  - Land Econ2016 Feb 01; 92
AB  - This study provides new evidence of the capitalized value of local parks by estimating the impact on surrounding home prices associated with renovations of specific local park attributes. These results shed light on an empirical puzzle in the existing literature that single-family residential homeowners have a surprisingly low valuation associated with living in close proximity to local parks. Using property fixed effects models with time-varying renovations data, we disaggregate the bundle of amenities comprising local parks and find that the capitalization of renovations is heterogeneous and depends on the specific park attributes undergoing renovation. (JEL Q51, Q58)