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 768
OP 780
DO 10.3368/le.97.4.011720-0005R
VO 97
IS 4
A1 Blanchette, Alex
A1 Lang, Corey
A1 VanCeylon, Jarron
YR 2021
UL http://le.uwpress.org/content/97/4/768.abstract
AB We estimate hedonic valuation models of local open space separately for 215 cities in the eastern United States 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 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 local average treatment effect interpretation