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    Author(s): Michael S. Hand; Jennifer A. Thacher; Daniel W. McCollum; Robert P. Berrens
    Date: 2008
    Source: Land Economics. 84(4): 635-651.
    Publication Series: Scientific Journal (JRNL)
    Station: Rocky Mountain Research Station
    PDF: Download Publication  (323.46 KB)

    Description

    Forests provide non-market goods and services that people are implicitly willing to pay for through hedonic housing and labor markets. But it is unclear if compensating differentials arise in these markets at the regional level. This empirical question is addressed in a study of Arizona and New Mexico. Hedonic regressions of housing prices and wages using census and geographic data show that forest area carries an implicit price of between $27 and $36 per square mile annually. Compensating differentials at the regional level suggest that care must be taken when applying the travel cost method to value regionally delineated characteristics.

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    Citation

    Hand, Michael S.; Thacher, Jennifer A.; McCollum, Daniel W.; Berrens, Robert P. 2008. Intra-regional amenities, wages, and home prices: The role of forests in the Southwest. Land Economics. 84(4): 635-651.

    Keywords

    forests, non-market goods and services, hedonic regressions

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