RT Journal Article
SR Electronic
T1 Variation in Valuation: Open Space and Geography
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 011720-0005R
DO 10.3368/le.97.4.011720-0005R
A1 Blanchette, Alex
A1 Lang, Corey
A1 VanCeylon, Jarron
YR 2021
UL http://le.uwpress.org/content/early/2021/09/28/le.97.4.011720-0005R.abstract
AB 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.