Values of environmental landscape amenities during the 2000-2006 real estate boom and subsequent 2008 recession

Seong-Hoon Cho (), SeungGyu Kim and Roland Roberts

Journal of Environmental Planning and Management, 2011, vol. 54, issue 1, 71-91

Abstract: This research suggests that consumers' marginal willingness to pay for environmental landscape attributes, such as water view, developed open space and forest-land open space, decreased during the 2008 recession compared to the 2000-2006 real estate boom. Estimates were obtained from a spatial hedonic housing price model after controlling for household location patterns and structural differences between the periods. Because the decline in amenity values was probably due to a temporary deterioration in economic conditions, the amenity values will probably rebound with economic recovery. Thus, development decisions based on the lower estimated amenity values measured during a temporary deterioration in economic conditions may be determined suboptimal post-economic recovery.

Keywords: environmental amenity; landscape; real estate boom; recession; spatial hedonic model (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (14)

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DOI: 10.1080/09640568.2010.502760

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