Ecological Shock and Heterogeneity of Hedonic Value of Tree

Yixuan Li and Wenxin Sun

No 404495, 2026 Annual Meeting, July 26 - 28, 2026, Kansas City, Missouri from Agricultural and Applied Economics Association

Abstract: We estimate the amenity value of trees using spatial and temporal variation in tree cover from an exogenous ecological shock: the invasion of the Emerald Ash Borer, which killed millions of ash trees throughout the eastern United States starting in 2002. We estimate heterogeneous responses between renters and homeowners, as these groups may hold different conditions of the contracts. Results show that the substantial reduction in tree cover significantly decreased local property prices, and that renters and homeowners reacted divergently to this unexpected ecological shock. These findings highlight the economic value of environmental amenities and market responses to unanticipated environmental shocks.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Pages: 16
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea26:404495

DOI: 10.22004/ag.econ.404495

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