Mixed monetary and non-monetary valuation of attractive urban green space: A case study using Amsterdam house prices
Michiel N. Daams,
Frans J. Sijtsma and
Paolo Veneri ()
Ecological Economics, 2019, vol. 166, issue C, -
This paper offers new insight into the monetary value of green space at the intra-urban level. To this end, an established monetary valuation method, hedonic price analysis, is integrated with a relatively novel non-monetary valuation method. In specific, online value mapping-based survey data (N = 723) are used to inform hedonic models of the preferences that potential home buyers may have for nearby attractive green spaces. The estimation uses data on 35,298 home transactions in the Amsterdam agglomeration's urban core. Homes nearby attractive green space are found to sell at a price premium, which decays with distance and becomes negligible after one kilometer. The estimated price-effect varies from 7.1%–9.3% for houses within 0.25 km from the nearest attractive green space to 1.7%–2.3% for houses located at 0.75–1.0 km away, depending on the scale at which omitted spatial variables are controlled for. Adding to the discussion of spatial controls in this type of analysis, the controls are evaluated at multiple scales and a metric that simplifies the interpretation of the scale of spatial controls – the mean equalized diameter – is introduced. This study's findings may inform policymakers who seek to maximize the well-being of urban citizens through public investments in attractive amenities.
Keywords: Urban Green Space; House Prices; Online Value Mapping; DBSCAN Clustering; Hedonic Model; Functional Urban Areas (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolec:v:166:y:2019:i:c:14
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