Maintaining Public Goods: The Capitalized Value of Local Park Renovations

Mitchell Livy and Henry Klaiber

Land Economics, 2016, vol. 92, issue 1, 96-116

Abstract: This study provides new evidence of the capitalized value of local parks by estimating the impact on surrounding home prices associated with renovations of specific local park attributes. These results shed light on an empirical puzzle in the existing literature that single-family residential homeowners have a surprisingly low valuation associated with living in close proximity to local parks. Using property fixed effects models with time-varying renovations data, we disaggregate the bundle of amenities comprising local parks and find that the capitalization of renovations is heterogeneous and depends on the specific park attributes undergoing renovation.

JEL-codes: Q51 Q58 (search for similar items in EconPapers)
Date: 2016
Note: DOI: 10.3368/le.92.1.96
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:92:y:2016:i:1:p:96-116

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