Measuring the Value of U.S. National Parks using Hedonic Property Value Models
Zabel J, Nolte C, Paterson R. 2023. Measuring the Value of U.S. National Parks using Hedonic Property Value Models. Land Economics. 19(3):55 pages
ABSTRACT: The National Park Service (NPS) is expected to calculate the economic benefits of national parks for use when evaluating policy and management options of the parks (Loomis 2002). We estimate the marginal willingness to pay (MWTP) to live close to a national park that is capitalized into house prices for 18 national parks. We find that estimated effects can be significant and are heterogeneous across different types of parks. However, these effects can also be attributed to other factors in the housing market which brings the significance of these estimated impacts into question.
- Type
- Journal Article
- Authors
- Zabel, Jeffrey; Nolte, Christoph; Paterson, Robert
- Units
- ADAM , BICR , BOAF , BOST , CUVA , FRLA , GRSM , JOFI , LONG , LOWE , MIMA , PAGR , RIRA , SAGU , SAIR , SAMA , TUSK
- Keywords
- economic benefits, economics, house prices, marginal willingness to pay, neighboring communities, social science