Valuing open space in a residential sorting model of the Twin Cities
We present an analysis of how open space amenities affect residential location choices using a horizontal sorting model to estimate household preferences for open space. To parameterize the model, a new and rich dataset spanning 17 years of home sales in the seven-county Twin Cities area of Minnesota was assembled. Heterogeneity across types of open space and across households is shown to be a critical determinant of the welfare impacts of open space conservation. Our general equilibrium simulations allow housing prices to re-equilibrate in response to policy-induced demand shifts, demonstrating that as the scale of intervention becomes larger, general equilibrium and partial equilibrium welfare measures increasingly diverge. Finally, we find that the spatial structure of policy is an important component of policy design, suggesting open space policy should be place-specific in its design and implementation.
Year of publication: |
2010
|
---|---|
Authors: | Allen Klaiber, H. ; Phaneuf, Daniel J. |
Published in: |
Journal of Environmental Economics and Management. - Elsevier, ISSN 0095-0696. - Vol. 60.2010, 2, p. 57-77
|
Publisher: |
Elsevier |
Keywords: | Tiebout sorting Open space Locational equilibrium General equilibrium Housing demand |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Valuing open space in a residential sorting model of the Twin Cities
Allen Klaiber, H., (2010)
-
Economic behavior, market signals, and urban ecology
Abbott, Joshua K., (2015)
-
The value of water as an urban club good: A matching approach to community-provided lakes
Abbott, Joshua K., (2013)
- More ...