Using Contingent-Pricing Analysis to Value Open Space and Its Duration at Residential Locations
Land Economics, 2006, vol. 82, issue 1, 17-35
To estimate benefits from open space adjacent to residences, this paper blends contingent valuation and conjoint analysis within a housing market context. The resulting framework — "contingent-pricing analysis," — represents the stated preference counterpart to hedonic-pricing analysis by asking individuals to state prices for hypothetical housing locations, which include an environmental amenity. Then, it asks individuals to state their willingness to pay for a better and longer lasting environmental amenity. As an advantage over hedonic-pricing analysis, it directly isolates willingness to pay. Results indicate that potentially short-lasting open space adds no value, while preserved open space adds $ 5,066 or 5% to housing value.
JEL-codes: Q24 R14 (search for similar items in EconPapers)
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