Valuing environmental assets on rural lifestyle properties

Maksym Polyakov, David Pannell, Ram Pandit (), Sorada Tapsuwan and Geoff Park

No 126941, Working Papers from University of Western Australia, School of Agricultural and Resource Economics

Abstract: Changing land-ownership patterns transform many rural landscapes from agricultural to multifunctional, which may have significant implications for land management and conservation policy. This paper presents a hedonic pricing model that quantifies the value of the remnant native vegetation captured by owners of rural lifestyle properties in rural Victoria, Australia. Remnant native vegetation has a positive but diminishing marginal implicit price. The value of lifestyle properties is maximized when their proportion of area occupied by native vegetation is about 40%. Most lifestyle landowners would receive benefits from increasing the area of native vegetation on their land. Findings from this study will be used to support decisions about ecological restoration on private lands in fragmented agriculture-dominated landscapes.

Keywords: Environmental Economics and Policy; Land Economics/Use (search for similar items in EconPapers)
Pages: 18
Date: 2012-06-25
New Economics Papers: this item is included in nep-agr, nep-env and nep-tur
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Citations: View citations in EconPapers (3)

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https://ageconsearch.umn.edu/record/126941/files/WP120010.pdf (application/pdf)

Related works:
Journal Article: Valuing Environmental Assets on Rural Lifestyle Properties (2013)
Journal Article: Valuing Environmental Assets on Rural Lifestyle Properties (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwauwp:126941

DOI: 10.22004/ag.econ.126941

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