Graduate Thesis Or Dissertation
 

The value of public open space : an hedonic price approach

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https://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/rj430782m

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  • Public open spaces provide many benefits to individuals and society. Many of the services they provide; such as recreation, enjoyment of nature, and improving water quality; are non-exclusive and nonrival in consumption. The "public good" nature of open space services inhibits the formation of a market for open space areas. This may allow the supply of open space areas to be less than socially optimal. Decisions about the supply of open space areas may be improved by using non-market valuation techniques to provide insight into the value of public open space areas The hedonic property price approach is used in this study to estimate the effect of public open space areas in Corvallis, Oregon on surrounding residential property values. Information about property sales from the period 1990-1995 was gathered to relate the selling price of residential property to the structural, neighborhood, and environmental characteristics of the property by the use of multiple regression analysis. The primary variables of interest were the enviromnental characteristics, "distance to the nearest open space" and "size of the nearest open space". The regression analysis was then conducted for different sub-samples based on the use and topography of the different types of open space areas included in the study. The results of the analysis indicate that public open space may have had a positive effect on surrounding residential property, but that the effect may have been dependent on the distance from the open space and the type of open space. Residential properties near municipal parks or located within 200 feet of open spaces were estimated to have had higher values, ceteris paribus. Schools and cemeteries were estimated to have had a negative, but not statistically significant effect on sample residential property values, while upland and wetland open spaces were estimated to have had a positive, but not statistically significant effect. The estimated implicit marginal value of the amenities produced by the open spaces studied allows a partial estimate of the value of the municipal parks. This partial estimate of value indicates that, under certain conditions, the benefits associated with parks may exceed their cost.
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