Contingent Valuation of Woodland-Owner Private Amenities in Spain, Portugal, and California
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Amenity
Contingent valuation
Abstract Abstract Methods for the valuation of visual amenity are very briefly discussed, including the possible relevance of using costs as a basis for calculating values. Other amenity values which may be derived from trees and woodlands, such as shelter, shade, biodiversity, pollution control, and flood alleviation are also briefly considered. The basis for the Helliwell System for the visual amenity valuation of trees and woodlands is then described, and comparison made with other methods, including the Council of Tree and Landscape Appraisers (CTLA) approach. Current thoughts on the way forward for such methods are outlined.
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This paper describes an exercise in valuing the amenity benefits of a road closure proposal, involving two streets in Oxford. The valuation methodology used was stated preference, directly elicited using a questionnaire (contingent valuation method). The idea for the exercise arose from the appraisal of policy options in the Oxford Transport Study (OTS), which was conducted by Colin Buchanan and Partners. The brief for the OTS was that the pedestrian zone in High Street and St Aldates must be extended in the interest of environmental amenity, but that no relief roads should be built and traffic bound for the city centre should switch to buses or cycles. There were many costs and benefits in the options to be evaluated, but there were not yet methods of expressing their environmental effects in money terms. This problem was solved by dividing the environmental effects into global and local (city centre amenity) effects. A preferred option was eventually chosen and tested at a public exhibition. The opinion survey showed that visitors to the exhibition, even 70% of the drivers among them, valued the plan's amenity benefits more than its transport inconvenience. The paper presents the survey methodology and results. The questionnaire was used to extract a valuation of individual WTP (willingness to pay). For the covering abstract, see IRRD E100071.
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This study re-examines household valuation of local parks to assess the value afforded to specific amenities contained within parks and how those amenities change over time. A large body existing literature studying local parks has found single family residential homeowners are surprisingly willing to pay very little to live in close proximity to these parks. Building on this research, we hypothesize that these results are driven by bundling both positive and negative features of local parks into a single amenity and that these amenities are likely to degrade over time reducing their value. We implement property fixed effects models to investigate if unbundling park attributes leads to significantly different willingness to pay insights relative to much of the existing literature using a unique dataset on park renovations. Using renovation data and a rich set of housing transactions, we further explore whether the values placed on specific park attributes change over time, consistent with a depreciating public asset.
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Unbundling
Property value
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This study adopts a qualitative approach in order to investigate how people make sense of contingent valuation (CV) questions of a global environmental amenity. The objective is not only to capture people' s motivations and considerations of willingness to pay (WTP), but also to determine if they adequately comprehend an economic valuation of such public goods. The findings indicate that a large proportion of respondents do not interpret the valuation task, as intended. However, this lack of understanding is not always expressed, unless probed in relation to the elicitation question, and some people have the tendency to provide monetary estimates anyway, whatever meaning they attach to these. (JELH41)
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This paper reviews the treatment of the monetary valuation of land in COBA; identifies the economic impact of road schemes on the amenity values of land; and suggests how the amenity benefits of land might be monetarised and incorporated into COBA. It draws upon research carried out by Newcastle University for the Department of Transport in response to the SACTRA report on Environmental Appraisal. The Department of Transport's COBA program is used to undertake cost-benefit analysis (CBA) of proposed highway schemes. COBA follows the general principles of CBA by comparing the construction and maintenance costs against the benefits [time savings plus fuel and non-fuel vehicle operating costs plus accident savings] of a highway proposal. However, COBA does not value environmental externalities of highways developments in monetary terms, rather externalities are merely documented in terms of their physical impacts. Decision-makers thus have to balance the monetary benefits of a highway scheme with descriptive assessments of the physical impact of the proposed highway. This procedure could lead to amenity and other externalities being either under-valued or over-valued. The paper documents how the market price of land can be adjusted to reflect its social opportunity cost and argues that the opportunity cost of land as a measure of amenity loss from a road development is flawed. For the covering abstract, see IRRD 899083.
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Externality
Contingent valuation
Economic surplus
Opportunity cost
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The extent to which people demand more to accept a loss than they are willing to give up to obtain an otherwise commensurate gain is a subject of growing interest – though thus far less so among those interested in environmental valuations, damage assessments, and environmental policy. Pervasive wide disparities between valuations of gains and losses have been demonstrated in survey studies, in controlled laboratory and field experiments, and in everyday decisions of people in non-experimental settings (reviewed in, for example, Rabin, 1998; and with particular attention to environmental changes, in Horowitz and McConnell, 2002). Attention has also been given to the likely limits to such differences and to alternative standard-theory-consistent explanations for their occurrence. It is widely agreed, for example, that everyday transactions of tradable goods held for that purpose are unlikely to induce valuation disparities, even though the same individuals participating in such trades may well demand far more to give up an environmental amenity, for example, than they are willing to pay to acquire it. Further, at least some of the reported valuation differences have been ascribed to inexperience of traders (for example, List, 2003) and to the experimental procedures used in the demonstrations (for example, Plott and Zeiler, 2005, 2007).
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Amenity
Contingent valuation
Choice modelling
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Abstract We examine how location in a gated community affects the value of a single-family home and the valuation of a beach. Using data on 2,358 sales on barrier islands near Charleston, South Carolina, the empirical results indicate that homeowners pay a premium of 18.6% for a property in a gated community. The value of location near a beach is greater in gated than nongated communities. (JEL R21, Q51)
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Property value
South carolina
Residential Property
Contingent valuation
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California’s oak woodlands cover 10 percent of the state, and provide important environmental services. This paper presents analytical approaches for assessing the market value of these services, providing a framework for other Pacific Rim forest areas. Positive programming is used to assess a forest landowner’s amenity values. Contingent valuation is used to assess the value of different stand structures. Hedonic regression is used to decompose land and housing prices of an urban area near a dedicated oak woodland open space to assess the value of the open space on an overall community. The policy issues and conservation strategies associated with these environmental service values are discussed.
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Land Cover
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Amenity
Contingent valuation
Hedonic Pricing
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