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 edonic 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.
| Original language | English |
|---|---|
| Pages (from-to) | 71-91 |
| Number of pages | 21 |
| Journal | Journal of Environmental Planning and Management |
| Volume | 54 |
| Issue number | 1 |
| DOIs | |
| State | Published - Jan 2011 |
Keywords
- Environmental amenity
- Landscape
- Real estate boom
- Recession
- Spatial hedonic model
