The Effects of Scenic and Environmental Amenities on Agricultural Land Values

James Wasson, Donald M. McLeod, Christopher T. Bastian and Benjamin S. Rashford

No 61597, 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado from Agricultural and Applied Economics Association

Abstract: Ascribing land value solely to productive capacity does not accurately capture the impact environmental amenities provide on western land prices. Agricultural land prices in Wyoming are estimated using a hedonic price model and Geographic Information Sciences (GIS) data. These GIS measurements include on-parcel wildlife and fish habitat, viewscape attributes and distance to protected federal lands. A feasible generalized least squares (FGLS) approach is used to address both spatial autocorrelation and heteroscedasticity. The estimation is robust and highly significant. Results indicate that amenities as well as productivity are significant in explaining land values for the sample analyzed. Such information is useful for landscape management in the face of amenity threatening parcel fragmentation.

Keywords: Environmental Economics and Policy; Land Economics/Use (search for similar items in EconPapers)
Pages: 30
Date: 2010
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea10:61597

DOI: 10.22004/ag.econ.61597

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